CGT - Declaring proceeds

edited 29 November 2009 at 4:18PM in Cutting Tax
3 replies 1.5K views
mark306mark306 Forumite
49 Posts
Part of the Furniture Combo Breaker
edited 29 November 2009 at 4:18PM in Cutting Tax
hi,

I've read on this forum if the net proceeds from share sales exceeds 4 times the CGT threshold £10,100 you have to complete a tax return (even if you make no profit)
I can't see any reference to this on the inland revenue site, can someone point me in the right direction.

Thanks
Mark

Replies

  • See note 7 of 'how to complete your tax return' http://www.hmrc.gov.uk/worksheets/sa150.pdf
  • PennywisePennywise Forumite
    13.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper
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    My understanding has always been that if you are already required to submit an SA return, then you have to complete CGT pages if your proceeds of sale exceed 4 times the annual exemption, even if there is no CGT-able gain, but if you don't already submit SA returns, then you don't have to do one even if your proceeds are 4 times or more unless there is a CGT-able gain. I think both of the above respondents are right in their own way. Proceeds of over 4 times doesn't "trigger" an SA return, but they do trigger the CGT pages if you already submit an SA return - clearly nonsensical, but since when has tax been logical or common sense?
  • mark306mark306 Forumite
    49 Posts
    Part of the Furniture Combo Breaker
    Hi Pennywise, yes that's logical. I don't currently submit a SA return and I'm in the process of trying to find out if my capital gains will be over the threshold. Hopefully I wont have to submit anything!

    Thanks
    Mark
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