Can I offset losses against my capital gains to reduce the tax I owe?

Yes — capital losses realised in the same tax year are automatically set against capital gains before your annual exempt amount is applied, which can significantly reduce or eliminate your CGT bill for that year. If your losses exceed your gains, or you have losses from previous years, unused losses can generally be carried forward indefinitely to set against future gains, provided you've reported them to HMRC (usually within four years of the loss arising). It's worth keeping clear records of any losing disposals as they happen, since forgetting to claim a loss in time means you permanently lose the ability to use it.