Tax HMRC and how to report previous year losses

For HMRC reporting is it the case that if all years are negative amounts I don’t need to order a tax report, and only the ones that are positive over the CGT limit that I need to report and file on.

This being the first year I have shown gains over the CGT limit, but if you take into account all the losses from previous years that moves me down below the CGT threshold. Do I need to report this year that gain even though it is below gain threshold taking into account previous year losses?

How should I show previous year losses to HMRC?

If you dispose of assets with value greater than £49200 in a tax year or make a capital gain greater than £12300 you need to file a HMRC self assessment for the tax year.

To be able to use a loss on previous years you would also have to file a self assessment for that previous tax year to declare the loss so it can be carried forward and used.

To file for a loss you also need to provide the calculation for the capital gains loss so you would probably have to purchase the Tax reports for those years if you want to use the loss.

I’m not an expert but this is what I’ve just done myself.

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