I don’t pay tax on losses right?

Sorry for the naive question. I am very new to trading and am still trying to get my head around many things! A while ago I bought a small amount of TAUG after seeing someone say great things about it on on Twitter. Months later I am down 58%! I am also broke and would like to get the remaining money out and back into my bank account. Am I right in thinking I just sell this and transfer the money back into my bank account? I haven’t made any money on this so I don’t need to pay any taxes right? Thank you for your help!

Everything you are thinking is correct. You can keep a record of your loss. If you are a UK taxpayer and were to make a profit on some other investment in a future year then you could deduct the loss you made this year against that future year taxable gain.

A loss must be declared on one’s UK tax return within 4 years of when it is incurred if it is to count against gains, but once declared it can be carried forward indefinitely until it can be utilised. Declared losses must be used before application of the capital gains exempt amount, so if not. used carefully their value in reducing tax can be lost.

Ah, I had no idea about that, thanks very much for the advice, much appreciated!

Imagine the 58% loss as tuition fee for learning about investing! I feel we’ve all been there.