Yes. Assuming you have no cap.losses to write off against your...

Yes. Assuming you have no cap.losses to write off against your gains because then you need to write off the full (not 50%) gain off any losses, prior to you then apportioning the cap.gain according to before and after the 12 months. My understanding is that you can choose to write off those held for less than 12 months from any cap.losses outstanding and then if anything over, whatever no. is held for more than 12 months, that can be half price cap.gain tax. You can't write off from losses 50% of gains over 12 months, in other words, you can only write off the gains at 100% rate even if you have held your shares for more than 12 months. Hope that is clear, for you.