Can I use loss on selling shares to offset tax on profit on selling other shares?
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Here's an example: If I buy £1000 of shares in A and £1000 of shares in B. Then sell both shares in the same year and get the following result. - All Shares in A sold for £1100 (£100 profit). - All shares in B sold for £900 (£100 loss). Can I offset the profit and loss and end up being charged £0 UK tax? Also, what if shares in B are under an ISA? Thanks in advance for all advice,
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Answer:
Yes you can offset losses against current year's gains, or carry them forward. Gains/losses on ISAs are outside the tax system completely.
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