Tax on Capital Gains from selling stocks

heytoki

Hello all,

I have started investing on the stock market and i am using Degiro as a platform (so i am not using and ISA Stock and Shares). Before April 2021 i sold just one stock making a small profit (less than £12K).

My understanding is that i dont have to pay Capital Gain tax on it. My question is, do i still have to do the self-assessment form?

Thanks and regards.

ColdIron

No you don't

If your total gains are less than the tax-free allowance

You do not have to pay tax if your total taxable gains are under your Capital Gains Tax allowance.

You still need to report your gains in your tax return if both of the following apply:

• the total amount you sold the assets for was more than 4 times your allowance
• you’re registered for Self Assessment

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

eskbanker

heytoki said:

My question is, do i still have to do the self-assessment form?

If 'still' means 'because the gain is below the annual CGT threshold' then, as above, no.

If 'still' means you were previously self-assessing annually then yes....

lozzy1965

Only if you make more than the capitals gains allowance, or if the sale value is more than four times your allowance. 

heytoki

Okay, got it.

i havent done previously any self-assessment as i dont have any other income rather than my full time job.

Thank you very much for your quick answers.