You should read this if you, or any of your clients, are non-UK domiciled, claimed the remittance basis of taxation for 2008/2009 and have not already made a loss election.
A non-UK domiciled individual who claimed the remittance basis of taxation in the 2008/2009 UK tax year only has until the end of this tax year (5 April 2013) to make a loss election. If he makes an election, he will be able to set losses, which accrue to him on non-UK assets (his ‘foreign losses’), off against his gains (foreign & UK). If an election is not made by then he will lose the opportunity to make an election.
If an individual does not make an election, he will not be able to deduct his foreign losses from his gains in calculating his taxable gains (unless he becomes UK domiciled at some point in the future). He will still be able to set his UK losses off against his UK gains, and any foreign gains which are remitted to the UK.
Whether or not it is appropriate for a non-UK domiciled individual to make a loss election will depend on his specific circumstances and advice should be sought.