Small capital gain

Aceace

Do I need to declare a small capital gain (<£12k) on my tax return?
I ask because section 7 of SA150 (notes on completing SA100) says :

Fill in the ‘Capital gains summary’ pages and attach your computations if:
...
• your chargeable gains before taking off any losses were more than £12,000
...

But, the end of section 7 says:

You should fill in the ‘Additional information’ pages if you have any chargeable event gains.

So, if I make a total capital gain of £10k, it looks like I don't need to complete the Capital Gains Summary pages, but I do need to complete some Additional Information pages. Assuming this is correct:

1. By "Additional Information Pages" do they mean the "Any Other Information" box on page TR7?
2. Do I just need to state the capital gain, I.e. "total capital gain from sale of shares = £10k", or do I need to show calculations? 

cloud_dog

If your gain was £10k then no, you don't need to report it.  Only gains over the £12k limit (thought it was £12300?) constitute a 'chargeable gain', as opposed to any other gain (normal I suppose).

Afternoon

cloud_dog said:

If your gain was £10k then no, you don't need to report it.  Only gains over the £12k limit (thought it was £12300?) constitute a 'chargeable gain', as opposed to any other gain (normal I suppose).

What about if you had a normal job that earned £20,000 as well?

ratechaser

Afternoon said:

cloud_dog said:

If your gain was £10k then no, you don't need to report it.  Only gains over the £12k limit (thought it was £12300?) constitute a 'chargeable gain', as opposed to any other gain (normal I suppose).

What about if you had a normal job that earned £20,000 as well?

If by 'normal', you mean a job covered by PAYE, then thats a separate personal allowance and tax payment. Doesn't affect your annual CGT allowance...

TBC15

If you are subject to self assessment I think you have to declare any sales of shares etc above 4x the allowance.

payless

Capital gains and chargeable events are two different things. ( the latter includes taking money out of certain insurance based  investment policies)

bowlhead99

Aceace said:

Do I need to declare a small capital gain (<£12k) on my tax return?
I ask because section 7 of SA150 (notes on completing SA100) says :

Fill in the ‘Capital gains summary’ pages and attach your computations if:
...
• your chargeable gains before taking off any losses were more than £12,000
...

But, the end of section 7 says:

You should fill in the ‘Additional information’ pages if you have any chargeable event gains.

So, if I make a total capital gain of £10k, it looks like I don't need to complete the Capital Gains Summary pages, but I do need to complete some Additional Information pages. Assuming this is correct:

1. By "Additional Information Pages" do they mean the "Any Other Information" box on page TR7?
2. Do I just need to state the capital gain, I.e. "total capital gain from sale of shares = £10k", or do I need to show calculations? 

'chargeable event gains' are a separate concept and if you don't have any of those (only normal gains for selling something for more than you paid for it), there is nothing to do there.

You're right that if your gain was only £10k (and not just a net £10k after deducting a bunch of losses to get there) so being below the £12k exemption, and your total sales proceeds of what you were selling to produce the gains or losses weren't over 4x the £12k allowance, you have nothing to report. A £10k gain would be fully covered by the annual exemption.

Old_Lifer

In life assurance,   a  chargeable event certificate is issued by the policy provider when  a gain on a non-qualifying life policy  has the potential to render the policyholder liable to higher rate income tax on the gain.   It is not a concern for a basic rate taxpayer unless the gain after available reliefs takes the policyholder into the higher rate tax bracket.