CGT & Self Assessment form

jem16

If I have made a CGT of less than £8800 for 2006/07 does it have to be declared when submitting a self assessment form?

Looking at the notes it doesn't appear so but I want to make sure.

Murdina

Have a look at the start of the notes CGN2. You can be required to return gains less than £8,800 in some situations of which the most obvious is if the proceeds exceeded £35,200 in the 2006/7 tax year. If in working out your gain you are relying on some sort of valuation I would strongly recommend you fill in the CGT pages anyway and make it clear you are relying on a valuation. This can avoid issues with enquiries long after the event.

jem16

Thanks for replying.

Not relying on any valuation. I simply sold windfall shares for a total of less than £6500. As I didn't pay for them in the first place, the price I sold them for would be the gain.

Looks like I don't need to fill in anything.

Murdina

I would agree with that based on what you say.