Personal Tax- Use Trade loss against capital gain (CG3 box 46)

Article ID

personal-tax-use-trade-loss-against-capital-gain-cg3-box-46

Article Name

Created Date

2nd August 2024

Problem

IRIS Personal Tax- Use Trade loss against capital gain (CG3 box 46)

Resolution

If there is a trade loss and you want to use that against a Capital gain.

If a Sole trade loss

Run the Trade comp to check the loss is showing
Open the relevant period loss
Go to the Adjustments, losses and overlap TAB
Current year losses, Enter loss value in ‘Offset against capital gains’ (Do not use a negative)
The TRADE comp will NOT show this loss usage against a capital gain
The CG comp will show this loss usage called ‘Income losses’
The CG page box 36 CG3 will show this value.

If a Partnership loss

Run the Trade comp to check the loss is showing
Open the relevant period loss
Trading income TAB
Enter a value in the ‘Loss offset against capital gains’ (Do not use a negative)
The TRADE comp will NOT show this loss usage against a capital gain
The CG comp will show this loss usage called ‘Income losses’
The CG page box 36 CG3 will show this value.

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