Section 104 holding for CGT

Hi there,

Quick section for calculating CGT due on funds (unit trust/oeic):

1) If you have a fund X in investment platform A, and that is a all your holding then CGT due using a section 104 holding (if reqd) is simple.
2) If you have a fund X in investment platform A and investment platform B, then when calculating the section 104 holding for CGT purposes do you go across the two platforms, or do you work on a platform by platform basis? I think you should go across platforms but I'm not sure what HMRC would expect. If you get a capital gains report from the platforms obviously its section 104 holding will be calculated on the units purchased on that platform alone as it will not know about holdings elsewhere.

Thanks for your answers,

Richard

Replies

  • edited 22 December 2022 at 11:37AM
    ColdIronColdIron Forumite
    7.6K Posts
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
    Forumite
    edited 22 December 2022 at 11:37AM
    You go across platforms, HMRC don't care where it's held
    If it was per platform people could manipulate their positions to misrepresent their true situation
  • frosty77frosty77 Forumite
    8 Posts
    First Post
    Forumite
    ColdIron said:
    You go across platforms, HMRC don't care where it's held
    If it was per platform people could manipulate their positions to misrepresent their true situation
    Many thanks- that’s what I thought. Do you know if the platforms submit CGT reports to HMRC at the end of each tax year (as savings providers are meant to with interest)? I guess if they do what HMRC have logged as your CG compared to what it actually is (in the situation above) could be somewhat different.
  • edited 22 December 2022 at 12:29PM
    ColdIronColdIron Forumite
    7.6K Posts
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
    Forumite
    edited 22 December 2022 at 12:29PM
    Not to my knowledge, many wouldn't know your book cost anyway (transfers etc)
  • frosty77frosty77 Forumite
    8 Posts
    First Post
    Forumite
    ColdIron said:
    Not to my knowledge, many wouldn't know your book cost anyway (transfers etc)
    Many thanks
Sign In or Register to comment.
Latest MSE News and Guides

Glitch hits Nectar bonzana

Did you miss out on bonus points?

MSE News

Ask an Expert: Scams

Watch MSE Katie's answers to your questions

MSE Forum

Hot Diamonds 40% off code

Including already-reduced outlet stock

MSE Deals