CGT calculation for funds transferred

coyrls

Before you go any further with this, are you anywhere in the region of making a gain of over £12,300 or of having sales proceeds of over £49,200?  If not, then you have no capital gains tax worries and do not have to report anything to HMRC.  Your extract shows a total value of just over £5,000, so unless that value has significantly increased, you are not near either of these limits.

eskbanker

coyrls said:

Before you go any further with this, are you anywhere in the region of making a gain of over £12,300 or of having sales proceeds of over £49,200?  If not, then you have no capital gains tax worries and do not have to report anything to HMRC.  Your extract shows a total value of just over £5,000, so unless that value has significantly increased, you are not near either of these limits.

OP clarified earlier that the current valuation of this pot is about £11K so even if it was all gain (which it isn't) then CGT doesn't apply, so much of the discussion has been hypothetical!

coyrls

eskbanker said:

coyrls said:

Before you go any further with this, are you anywhere in the region of making a gain of over £12,300 or of having sales proceeds of over £49,200?  If not, then you have no capital gains tax worries and do not have to report anything to HMRC.  Your extract shows a total value of just over £5,000, so unless that value has significantly increased, you are not near either of these limits.

OP clarified earlier that the current valuation of this pot is about £11K so even if it was all gain (which it isn't) then CGT doesn't apply, so much of the discussion has been hypothetical!

And, even if it was twice that, half could be sold now and half in just over a month's time and there would still be no CGT to worry about.

flopsy1973

that was just 1 fund out of my fund account  with HL. there is about approx 100K in funds i need to sell so maybe spread it over the 2 tax years. Does anyone know how reliable the cost and value figures off the HL account are to use for CGT calculations?

coyrls

flopsy1973 said:

that was just 1 fund out of my fund account  with HL. there is about approx 100K in funds i need to sell so maybe spread it over the 2 tax years. Does anyone know how reliable the cost and value figures off the HL account are to use for CGT calculations?

I don't think you can rely on those figures, you would need to make your own calculations.  If you do need to fill in a tax return because of CGT, you will need to show your calculations anyway (something I didn't realise until I was corrected).  It's not something that I have ever had to do because I keep comfortably below the two limits.

eskbanker

flopsy1973 said:

that was just 1 fund out of my fund account  with HL. there is about approx 100K in funds i need to sell so maybe spread it over the 2 tax years. Does anyone know how reliable the cost and value figures off the HL account are to use for CGT calculations?

If you have multiple funds then you need to do the CGT calculation for each one - I can't comment on how reliable the HL account data is but even if it's indicative to assist with decision-making, I'd still recommend going back to first principles when actually transacting, i.e. using the original contract notes for your purchase and sale values, and applying the permitted adjustments with purchase and sale costs.  If you have £100K in unwrapped funds then CGT planning becomes significantly more important, so hopefully your records are all accessible!