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Where Taxpayers and Advisers Meet

What to report to the Revenue

Jaria
Posts:14
Joined:Wed Aug 06, 2008 3:59 pm
What to report to the Revenue

Postby Jaria » Mon Oct 09, 2023 5:41 pm

Hi
For 2022/2023 the CGT allowance is £12300 so any gain in excess of this and/or any proceeds in excess of 4 x £12300 ( £49200) should be reported to HMIT

If you transfer shares to your spouse the original cost of the shares will then be taken into account if sold. However in working out to get to the £49200 is it this cost (original) that is used or would it be what the value of the share were when the transfer took place.

Also if the value of all shares sold plus the transfer is less than £49200 does this have to be reported, obviously if above £49200 then it would have to be

Thanks in advance

pawncob
Posts:5083
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: What to report to the Revenue

Postby pawncob » Mon Oct 09, 2023 7:39 pm

There's no CGT on transfer to spouse.
The £49,200 refers to disposal proceeds.
With a pinch of salt take what I say, but don't exceed your RDA

bd6759
Posts:4239
Joined:Sat Feb 01, 2014 3:26 pm

Re: What to report to the Revenue

Postby bd6759 » Tue Oct 10, 2023 8:42 pm

If you haven’t been given notice to file a return, you only need to report if you are liable to CGT, regardless of the proceeds.

The current proceed limit is £50,000.


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