Self Assessment Capital Gains

iamaniceguy

I need to submit my self assessment and I have some legacy shares which our outside of my ISA that I sold in the last taxable year 20-21.

I need to declare it as taxable gains.

Do I have to fill in the proposed worksheet? Or can I just submit my own Excel spreadsheet?

As long as I show the name of the share, the date of purchase, the cost of each share.

Then show the disposal date, and the selling cost of each share.

Calculate the difference between the sale as the total taxable gains.

Is that OK? Or do I need to fill in the government worksheet?

ColdIron

Are you sure you need to pay CGT? You have an 'allowance' or Annual Exempt Amount of £12,300

https://www.gov.uk/capital-gains-tax/allowances

You may not even need to declare your gain

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

iamaniceguy

Whilst I don't need to pay CGT - surely I still need to declare it as:

My taxable gains exceeds £12,300.

I need to use my total losses from this year and previous years for me to get it below £12,300.

Surely I need to demonstrate that? However my disposal is not 4 times the allowance ...

masonic

If you are using losses (presumably within the last 4 tax years and so far unregistered) to offset your gains and bring them below the taxable threshold, then you will need to fill out the capital gains pages of the return (as it is the chargeable gains before taking off any losses that matter for this). You do not have to use the provided worksheet, but you should ensure that the information you provide contains the same level of detail.

You have read the Capital gains summary notes section that can be found at https://www.gov.uk/government/publications/self-assessment-capital-gains-summary-sa108 yes? This seems to answer your questions.

GeoffTF

iamaniceguy said:

I need to submit my self assessment and I have some legacy shares which our outside of my ISA that I sold in the last taxable year 20-21.

I need to declare it as taxable gains.

Do I have to fill in the proposed worksheet? Or can I just submit my own Excel spreadsheet?

As long as I show the name of the share, the date of purchase, the cost of each share.

Then show the disposal date, and the selling cost of each share.

Calculate the difference between the sale as the total taxable gains.

Is that OK? Or do I need to fill in the government worksheet?

You do not have to fill in a worksheet. You have to provide a PDF file showing your calculation. Setting up a word processor document with the necessary information and using Print to PDF will do it.