Jurisdiction(s):
United Kingdom

Key definition

Acquisition definition

What does Acquisition mean? In VAT practice, an acquisition is the cross-border purchase or movement of goods between EU Member States where the goods are removed to another Member State and VAT is self-assessed in the destination by the acquirer (acquisition VAT). The term is defined in VAT legislation (UK: Value Added Tax Act 1994, as modified for Northern Ireland by the Windsor Framework/NI Protocol; Ireland: VAT Consolidation Act 2010) and also covers certain transactions treated as supplies of goods, such as a trader’s transfer of own goods across borders. Jurisdictional scope: In Ireland, intra-Community acquisitions apply in full. In the UK, the rules...

Trust capital losses: computation, claims, set-off and carry-forward; beneficiary transfers and absolute entitlement; connected persons ring-fencing; planning and anti-avoidance (purchased losses and GAAR)

Published by a LexisNexis Private Client expert

Practice notes

Capital losses arising to trustees

For trustees, capital losses are computed on the same basis as for individuals (for more detail on individual losses, refer to Practice Note: CGT—utilising capital losses). Losses are offset against gains in the same year of assessment in the way that produces the most advantageous result; any amount not relieved can be carried forward and set against gains arising in later years. Carry-back to an earlier year is not permitted. Brought-forward losses need only be used against subsequent gains to the extent needed to reduce that year’s gains to the applicable annual exemption, ensuring the allowance is not wasted. A formal claim is required for losses to be allowable, usually on the Capital Gains supplementary pages of the Trust and Estate Tax Return. The general time limit for claims and reliefs is four years from the end of the relevant year of assessment. Although not mandatory, it is prudent to include details of capital losses on the annual tax return as a routine practice...

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Paul Davies

Clarke Willmott

Paul Davies is a partner in the private client team of Clarke Willmott. He is a solicitor, a chartered tax advisor, and a member of the Society of Trust and Estate Practitioners, as well as being a chartered accountant (albeit no longer practising as such). He specialises in providing advice across the range of different tax and legal issues that face high net worth individuals, executors, and trustees.Paul's work spans all areas of private client work, including wills, trusts of all kind, inheritance tax, succession planning, probate and estate administration, and lasting powers of attorney. Paul acts as a professional trustee for a number of family trusts, and is also regularly called on to act as a professional executor....

Web page updated on 21/05/2026

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