Sale of Shares - Do I need to Declare in Self Assessment?

pennypincher3562

Hi

I'm currently doing my self assessment, and was wondering if I need to declare a sale of shares I made.

I bought £750 worth of shares, and sold them making a profit of around £380.

The reason I ask is because in the HMRC's FAQ on Capital Gains, they state that:

'You must report your capital gains and attach your computations if in the tax year:

you disposed of chargeable assets which were worth more than £44,400.'

Based on the above statement, I presumed that I don't need to declare my sale of shares.

Am I wrong in my presumption, and do I need to declare my sale of shares?

Thanks in advance.

[Deleted User]

If this is the only disposal you are correct - no need to declare!

pennypincher3562

@PurdyOaten. Good news, thanks for getting back to me.

booksurr

[Deleted User] wrote:

If this is the only disposal you are correct - no need to declare!

i thought you would still need to do a bit of box ticking even though there is indeed no tax payable given you're already in SA?

https://www.gov.uk/capital-gains-tax/work-out-need-to-pay

If you’re registered for Self Assessment you must still fill in the capital gains section of your tax return. To do this:

Confirm that you need to complete the capital gains section in ‘Tailor your return’.

In the ‘Details of chargeable assets…’ page select ‘No’ for each question - you won’t need to report anything else about your capital gains or losses.

pennypincher3562

booksurr wrote: »

i thought you would still need to do a bit of box ticking even though there is indeed no tax payable given you're already in SA?

https://www.gov.uk/capital-gains-tax/work-out-need-to-pay

If you’re registered for Self Assessment you must still fill in the capital gains section of your tax return. To do this:

Confirm that you need to complete the capital gains section in ‘Tailor your return’.

In the ‘Details of chargeable assets…’ page select ‘No’ for each question - you won’t need to report anything else about your capital gains or losses.

Ok, thanks Booksurr. From my understanding I need to tick 'yes' for Capital Gains in 'Tailor my Retutrn,' then select 'No' for each question under 'Details of Chargeable Assets.'

All very confusing, but I'll get there in the end.