At what point/date does the taxman pull my trousers down?

longwalks1

If we exceed our CGT limit, at what point do we tell the taxman, or does he ask for the money?

I automatically tip into 40% tax bracket so thats taken care of automatically on my payslips, but how does he find out about CGT or extra earnings?

Serious question by the way as never made any CG before?

Innys

He only finds out if you tell him - though he's informed of certain sales by a third party, e.g. maturity of endowment policies.

If you don't tell him and he then finds out, he tends not to see the funny side. That's when it's (brown) trouser time.

Biggles

You tell him after the end of the tax year on 5 April. If you don't already have one, you'll need to ask for a self-assessment form.

rdtrdt

If your CGT liability has arisen from share transactions, and you've more than a handful of acquistions/disposals to deal with in your calcs, you might find the following tool to be quite useful:-

http://www.cgtcalculator.com/