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Carry forward

Carrying forward means taking a loss from the current year to the next year – and claiming it next year just like you would claim an expense.

There are two things you need to do in order to carry forward a loss:

  1. Claim the loss on your Self Assessment tax return. It’s usually tempting to not file a return at all if you made a loss, but if you do, you can claim the loss next year by “bringing it forward”
  2. Only claim the loss against profit of the same kind: for example, if you lost money trading bitcoins last year, you can claim this loss next year if you make profit selling a house.

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