Sale of Inv Trust units - Self Assessment

RueyE

I was wondering if anyone could provide information on the following

I have recently sold 10k worth of units I have in an Investment Trust (not wrapped in an ISA), and was wondering if I need to declare this on the next self assessment tax return I have to complete?
As the amount is below the CGT threshold, I have read (and understand) there is nothing to declare from that viewpoint, but was wondering if there are any income tax implications (and therefore the need to declare this to the HMRC).
P.S. I have tried contacting HMRC to ask them this, but always get cut off before I can speak to someone directly.

Thanks

capital0ne

No need to report as the CGT allowance is £12k (approx) and you sold £10k

RueyE

Thanks CapitalOne. That indeed was my understanding about CGT (and hence why I sold less than the CGT threshold).
However, it is if there are any Income Tax implications that I'm unsure about? I'm currently a basic rate tax payer.

Reed_Richards

There are no income tax implications. The advice regarding CGT assumes that you have not sold anything else this tax year.

RueyE

Hi Reed,

Thanks for the confirmation on the Income Tax implications. And no I haven't sold anything else so CGT assumption is fine

Tom99

RueyE wrote: »

Thanks CapitalOne. That indeed was my understanding about CGT (and hence why I sold less than the CGT threshold).
However, it is if there are any Income Tax implications that I'm unsure about? I'm currently a basic rate tax payer.

The £12,000 CGT allowance is the profit so you could probably have sold a lot more and still been withing the allowance.

AnotherJoe

RueyE wrote: »

Thanks CapitalOne. That indeed was my understanding about CGT (and hence why I sold less than the CGT threshold).
However, it is if there are any Income Tax implications that I'm unsure about? I'm currently a basic rate tax payer.

It's not income. Leave it off