Tax on share sales

spdavies

Hey all - pls advise.

I’ve been buying and selling shares for a year using Freetrade. My gains (after losses) are way below the £12.3k cgt threshold so I don’t believe I owe any tax but I wanted to check.
- do I need to declare all my buys and sells on my SA tax return or is it only if I’m above the threshold?

Jeremy535897

If you have to complete a self assessment tax return for other reasons, you only need to complete the capital gains tax form SA 108 if your total disposal proceeds exceed £49,200, or your chargeable gains less losses exceed the annual exemption of £12,300.

Dazed_and_C0nfused

This is what HMRC have to say on the latest Self Assessment return.

Fill in the ‘Capital Gains Tax summary’ pages if:

• you sold or disposed of chargeable assets which were worth more than £49,200

• your chargeable gains before taking off any losses were more than £12,300 (‘annual exempt amount’)

• you have gains in an earlier year taxable in this period

• you want to claim an allowable capital loss or make a capital gains claim or election for the year

• you were not domiciled in the UK and are claiming to pay tax on your foreign gains on the remittance basis

• you’re chargeable on the remittance basis and have remitted foreign chargeable gains of an earlier year

spdavies

Thanks both so next question. I’ve had to do a tax return previously as I was earning above 50k and claiming child bens. I’ve now stopped claiming so I don’t believe I need to complete one anymore- is there a way to escape?