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Where Taxpayers and Advisers Meet

Format for CGT calculation in self assessment

taxistaxing
Posts:4
Joined:Mon Oct 17, 2016 10:37 pm
Format for CGT calculation in self assessment

Postby taxistaxing » Mon Oct 17, 2016 10:49 pm

Hi,

I parted ways with my investment manager in 2015-16 and sold off my entire portfolio of unit trusts/OEICs.

The net CGT profit (after allowing for losses) was lower than the CGT allowance, so no CGT is actually due. Nonetheless, I have to make a CGT declaration as the value of the assets disposed of was quite a bit above the £44.4k threshold.

Some holdings were acquired and disposed of in stages, which means that I cannot use the online worksheet and need to attach my own calculation instead. I have a detailed "capital gains tax realised profit and loss report" provided as part of the "tax year end report" by my investment manager. This provides the following for each security: name and identifier, number of units sold, date of disposal, proceeds, CGT cost, CGT profit/loss. It also gives totals for proceeds, CGT cost and CGT profit/loss for all securities sold.

My queries are:

(1) Can I just insert the relevant totals into my tax return, and attach to the tax return a scan of the report in PDF format as my "calculation"? Is this what would usually be done in this situation?

(2) The one thing the report from my investment manager does not explicitly state is how the "CGT cost" for each security (i.e. the deemed cost at the point of acquisition) was calculated, and this could be somewhat complicated as some of the securities were acquired in a staggered fashion. I have not been able to find any guidance as to how the calculation should be structured or formatted - is it mandatory to state explicitly how "CGT cost" was arrived at?

Many thanks for any help you can offer. Basically I'm trying to gauge whether I can navigate this myself or whether I will need professional help (the rest of my return is easy!).

Best wishes.

RMC
Posts:435
Joined:Wed Aug 06, 2008 3:35 pm

Re: Format for CGT calculation in self assessment

Postby RMC » Tue Oct 18, 2016 12:48 pm

Can you complete boxes 18 - 21 of the Capital Gains Summary?

taxistaxing
Posts:4
Joined:Mon Oct 17, 2016 10:37 pm

Re: Format for CGT calculation in self assessment

Postby taxistaxing » Tue Oct 18, 2016 9:42 pm

Many thanks for getting back to me.

The answer is yes. I can take the relevant totals straight from the "CGT realised profit and loss report" provided by the investment manager. I'm confident their calculation is correct - they are part of a major high street bank and send out these reports to lots of customers.

As you know the return states "You must enclose your computations, including details of each gain or loss, as well as filling in the boxes". I think the above report is comprehensive, except perhaps for the point in my query no 2. So I suspect that attaching a scan of it may well be sufficient, but I'd just like to make sure I'm on the right track here.

Thanks again - I really appreciate your help.

RMC
Posts:435
Joined:Wed Aug 06, 2008 3:35 pm

Re: Format for CGT calculation in self assessment

Postby RMC » Wed Oct 19, 2016 12:23 pm

You are probably looking at a paper return. If filing online you can choose not to prepare separate computations. Only do this if you are 100% sure that you can supply correct figures and the gain is very small. Otherwise you should engage an accountant. Thanks to our excitable Chancellors CG computations (as well as other tax law) are extremely complicated and taxpayers and understaffed HMRC suffer.


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