This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Previously paid CGT and Self Assessment Return

PensionerToBe
Posts:11
Joined:Mon Jun 12, 2017 9:22 pm
Previously paid CGT and Self Assessment Return

Postby PensionerToBe » Tue Jan 04, 2022 8:27 pm

Hi - I had a capital gain in 20/21 and filed and paid the CGT owing within 30 days.

Now completing my Self Assessment for 20 / 21 and it seems I have to complete the information again? I have 2 questions;

1/ Is that right or am I missing something?

2 / Is there a way of accessing the previously submitted CGT filing?

Thanks

pawncob
Posts:4879
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Previously paid CGT and Self Assessment Return

Postby pawncob » Wed Jan 05, 2022 11:15 am

Yes you have to include it again. Put a note in the white space as well, because apparently HMRC software doesn't link the two.
I don't think there is.
With a pinch of salt take what I say, but don't exceed your RDA

PensionerToBe
Posts:11
Joined:Mon Jun 12, 2017 9:22 pm

Re: Previously paid CGT and Self Assessment Return

Postby PensionerToBe » Sat Jan 08, 2022 3:50 pm

Thanks for this.

I have a further question. I am reporting a residential property gain (tax already paid) as well as claiming a loss on the sale of listed shares

Because the tax has already been paid on the residential property gain, via real time reporting, the notes say I cant use a worksheet but must fill in my own figures - which is fine

My question is around the sale of listed shares, which involve the sale of one holding but in tranches at different times during the tax year and which were also acquired at different times.

The worksheet only seems to allow for one purchase and sale date. Do I have to enter different worksheets for different purchase & . sale dates - or is there a different approach I should be taking?

Thanks

robbob
Posts:3210
Joined:Wed Aug 06, 2008 4:01 pm

Re: Previously paid CGT and Self Assessment Return

Postby robbob » Sat Jan 08, 2022 4:46 pm

because apparently HMRC software doesn't link the two.
.
Note there is a linkage of sorts in that you enter amount of tax previously deducted and hmrc should cross check those figures for accuracy.

box 10 on cg 1 should include the details of the tax you have already paid and if the correct amount of tax has been paid everything will cancel out on your tax calc.

I think the issue arises if you have been conservative and overpaid on capital gains tax - hmrc presumably didn't see fit to think anyone would overpay and the amount you have paid too much will not be factored into the sa tax calculation (it should be noted as memo total) as will be the case if you have underpaid (thats handy !!) - if you nhave unerpaid the shortfall is added onto your bill

You should be able to log back into your gateway and access details of what you have been submitted - although i would highly recomend always keeping your own independent copies of all info submitted as hmrc computer systems arent always what they should be.

If you have overpaid i think hmrc request that you revise your origional submissionn - thats just from memory though so i would recommend contacting hmrc or doing further research if you have previoously overpaid.

PensionerToBe
Posts:11
Joined:Mon Jun 12, 2017 9:22 pm

Re: Previously paid CGT and Self Assessment Return

Postby PensionerToBe » Sat Jan 08, 2022 7:51 pm

Thanks for this - I have managed to get my return to reflect the CGT paid on the residential property sale which was completed earlier in the tax year than the loss generating listed share sales - just a bit stumped how best to report the different share sales


My question is around the sale of listed shares, which involve the sale of one holding but in tranches at different times during the tax year and which were also acquired at different times.

The worksheet only seems to allow for one purchase and sale date. Do I have to enter different worksheets for different purchase & . sale dates - or is there a different approach I should be taking?

robbob
Posts:3210
Joined:Wed Aug 06, 2008 4:01 pm

Re: Previously paid CGT and Self Assessment Return

Postby robbob » Sat Jan 08, 2022 9:16 pm

just a bit stumped how best to report the different share sales
is a that a separate specific question?

PensionerToBe
Posts:11
Joined:Mon Jun 12, 2017 9:22 pm

Re: Previously paid CGT and Self Assessment Return

Postby PensionerToBe » Tue Jan 11, 2022 1:01 pm

Thanks - but yes it was


Return to “Capital Gains Tax, CGT”