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Where Taxpayers and Advisers Meet

Disclose Gains Below Annual Exempt Amount???

erictheone
Posts:19
Joined:Sat Aug 15, 2015 12:22 pm
Disclose Gains Below Annual Exempt Amount???

Postby erictheone » Wed Mar 01, 2017 10:44 pm

Probably a very basic question for CGT experts here, but I'm struggling to find an answer on the HMRC websites:

If I have net capital gains in a given tax year, which in total fall below the annual exempt amount, do I still have to disclose on Self Assessment returns what those gains are (even though no tax will be due)?

Or do I just keep the calculation "on the back of an envelope" for my own reference, and disclose nothing on my tax return, as if I made no gains at all?

Thanks!

Peter D
Posts:10668
Joined:Wed Aug 06, 2008 3:37 pm

Re: Disclose Gains Below Annual Exempt Amount???

Postby Peter D » Thu Mar 02, 2017 11:31 am

It depends on the value of the asset you disposed of. If it was more then 4 times the CG Allowance ( £11,100 thus £44,400) then it has to be reported to HMRC. Regards Peter


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