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Bigduck, Following our previous correspondence. To recap I…

Hi Bigduck, Following our previous correspondence...
Hi Bigduck,
Following our previous correspondence. To recap I have a UK company with brought forward losses to which I have lent a lot of money. In 2017/18 I have personally made a capital gain. Can I gift the gain to the company and deduct "loss'' form my capital gain. Will the company be assessed for a gain on the debt reduction and could that gain be offset against the company's broughtforward losses?Thank you
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Answered in 20 hours by:
3/11/2018
bigduckontax
bigduckontax, Accountant
Category: UK Tax
Satisfied Customers: 5,229
Experience: FCCA FCMA CGMA ACIS
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Hello, thank you for asking for me.

Companies are not subject to Capital Gains Tax (CGT), all such transactions being passed through the company's trading account.

Unfortunately, you cannot do as you suggest. I am so sorry to have to rain on your parade.

bigduckontax
bigduckontax, Accountant
Category: UK Tax
Satisfied Customers: 5,229
Experience: FCCA FCMA CGMA ACIS
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Customer reply replied 4 months ago
Bigduck,
You really did not answer either of my questions as follows:
1. I asked can I deduct my personal forgiveness of the company debt to me against my other personal other CGT gain in 2017/8.Afterall if the company were to forgive me any debt I might owe the I would be assessed on the amount forgiven so it ought to work in reverse.2. Yes the company would be assessed on the amount forgiven but could the brought forward losses be used to reduce the amount of CT to be charged ( ie Amount forgiven - losses b/fwd * CT rate) ?Tim

1. I am sorry, but I don't see what you are getting at, Tim, please expand.

2. Correct.

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Customer reply replied 4 months ago
OK.
If 2 is correct ie i agree to reduce the debt due to me from the company and the company includes the reduction as a taxable "profit" ALBEIT OFFSET by brought forward losses<CAN I PERSONALLY CORRESPONDINGLY have a "loss" equal to the debt reduction to offset against either other personal income or capital gains ?

Ah, ha; personal income yes, capital gains no.

Have we covered the position?

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Customer reply replied 4 months ago
Excellent BigDuck,
Please send me your UK phone number as unfortunately I left it in the US.
I am off to Italy next week where the "drive by' valuation is in progress.Tim

01750 725420, Tim.

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Customer reply replied 4 months ago
Thanks a lot. There does not seem to be a box at the top identified as CREDIT for me to do something with.

I am not sure what you are getting at, Tim.

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