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Self Assessment Capital Gains and Interest
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getting_better_2
Posts: 41 Forumite


in Cutting tax
Slightly generic question as I don't want to overwhelm with detail...
General situation: I've done a self assessment for several years, for the last 5 or 6 years it's been very straight forward...single PAYE income plus tiny bit of interest, some pension contributions and declaring spouse receiving child benefit which I then repay. Income kept at just below £100k (using additional pension contributions as needed)
During 23/24, I had some growth shares through work in a business that was sold. My shareholding was less than 5% ,valued at around £70k of which I received approx 20% on day 1 with the rest being paid over a number of years
In addition, interest is payable to me based on the amount still owed to me - I was paid some of this interest (approx £3k)in Mar24
My understanding is that on self assessment 23/24 I need to declare the full £70k and pay capital gains at 20% on the full amount despite not receiving full payment yet plus I need to declare the interest received (which incidentally was received net of 20% tax) and pay some additional tax on this (as a higher rate payer)
My question is: Is this fairly straight forward to declare on self assessment or should I be seeking assistance and getting someone to file my SA for me? My gut feel is that it's very straightforward but I don't want to do anything which has repercussions down the line
Any thoughts welcome
General situation: I've done a self assessment for several years, for the last 5 or 6 years it's been very straight forward...single PAYE income plus tiny bit of interest, some pension contributions and declaring spouse receiving child benefit which I then repay. Income kept at just below £100k (using additional pension contributions as needed)
During 23/24, I had some growth shares through work in a business that was sold. My shareholding was less than 5% ,valued at around £70k of which I received approx 20% on day 1 with the rest being paid over a number of years
In addition, interest is payable to me based on the amount still owed to me - I was paid some of this interest (approx £3k)in Mar24
My understanding is that on self assessment 23/24 I need to declare the full £70k and pay capital gains at 20% on the full amount despite not receiving full payment yet plus I need to declare the interest received (which incidentally was received net of 20% tax) and pay some additional tax on this (as a higher rate payer)
My question is: Is this fairly straight forward to declare on self assessment or should I be seeking assistance and getting someone to file my SA for me? My gut feel is that it's very straightforward but I don't want to do anything which has repercussions down the line
Any thoughts welcome
0
Comments
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Although you need to return the interest and capital gain in your 2023/24 return, if certain conditions apply you may be allowed to pay the capital gains tax due in instalments:
https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg14910
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Thank you.0
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