CGT & Self Assessment for investment sales

Durace11Bunny

Hey all,

Apologies if this is already on the forum, but these sort of Q's are often specific to individual circumstances. My query is to do with CGT on investments I'm currently looking to Bed & ISA/SIPP, but wary of sale profits causing tax headaches. I'm looking to sell >£6k of investments, but offset my threshold by also selling some dud shares that went kaput

I have a few basic questions, which i'm hoping you guys can help my muddled mind with, please....

1) do folks know whether I should declare it in a self assessment, even if the >£6k sale profits are offset with losses and push me <£6k? (i currently don't fill out SA, but have done in the past for property gains)

2) if i do fill out a self assessment, would i need to include asset sales specifics? (Amount, date, company/fund, profit or loss, etc)?

3) I've heard I can offset my gains with platform services & trading fees, etc - is this only for the funds sold, or all annual costs in general?

4) is there any other advice you can give relating to bed & ISA or SIPP, or perhaps recommend I speak with an IFA or tax specialist if this is overly complex? (If so can anyone recommend a good company that's reasonably priced?)

Many thanks for your valued advice

[Deleted User]

Under: 

If your total gains are less than the tax-free allowance

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

Durace11Bunny

Many thanks for your help

Looks like i should be able to avoid the rigmarole of filling out a SA, provided that:

• Annual CGT net gains <£6k (ie: after deducting loses & costs)
• Total sold less than 4 x CGT annual allowance
• Currently don't fill out SA (which HMRC previously confirmed i no longer need to)

Big relief, and a few hours of my life claimed back!

sheramber

Note the CGT allowance reduces in April24