Capital Gains Tax Return

Judesman

I need to report a capital gain on shares that I can set off against previously declared losses. I do not need to complete a full tax return and I do not owe any CGT. What forms do I use and can I do this without completing a full tax return.  Any help please?

eskbanker

How did you declare the losses?

Olinda99

from:

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

You’ll need to report and pay Capital Gains Tax if your taxable gains are above your allowance.

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/reporting-and-paying-capital-gains-tax

Judesman

Eskbanker.  They were reported by letter with calculations and I have written confirmation of registered losses.

Judesman

Olinda 99. I am not registered for self assessment and whilst my gains exceed my allowance there is no liability as I have registered losses that I can set off against gains. I still have to report the gain as it will reduce my available registered losses.

Olinda99

Judesman said:

Olinda 99. I am not registered for self assessment and whilst my gains exceed my allowance there is no liability as I have registered losses that I can set off against gains. I still have to report the gain as it will reduce my available registered losses.

If you look at the last link I put, there is  a 'real time report CGT' service - is this what you need?

Judesman

Olinda 99. Thank you, I have had a good look through the links including the "Real time report CGT service". As I do not owe any tax I think I might be able to deal with this by letter. I will try this and see if HMRC will accept this.  Many thanks for your help.