CGT - Declaring proceeds

mark306

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

Rolo_Tomasi

See note 7 of 'how to complete your tax return' http://www.hmrc.gov.uk/worksheets/sa150.pdf

Pennywise

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?

mark306

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