Hmmm… yeah, but you could have made it in other ways, which might or might not be possible to offset, e.g.:
Employment income
Having some money after moving from another country
Gifts, inheritance etc.
I previously assumed that you can only offset capital losses against past capital gains.
BTW if you allow offsetting against any kind of income then you get another issue – all of the people who are really bad at investing consistently decrease their tax bills by their capital gains losses. Not sure how big a deal is that. Or perhaps that’s a feature?
I’m imagining everyone gets the money back. In order to lose money you have to made it, right?
Hmmm… yeah, but you could have made it in other ways, which might or might not be possible to offset, e.g.:
Employment income
Having some money after moving from another country
Gifts, inheritance etc.
I previously assumed that you can only offset capital losses against past capital gains.
BTW if you allow offsetting against any kind of income then you get another issue – all of the people who are really bad at investing consistently decrease their tax bills by their capital gains losses. Not sure how big a deal is that. Or perhaps that’s a feature?