CGT Reporting

HarperBoy

I am pretty certain that a rule exists that says you must declare capital gains of 4 times the annual allowance, whether or not you have made a gain.  At least, everyone keeps quoting it,  But I can't find it anywhere - gov.uk is no help at all.  Where is the authority for this rule?

Hoenir

There's now a flat reporting limit of £50k. If proceeds from the disposal exceed this threshold irrespective as to whether CGT is payable or not. 

kempiejon

Hoenir said:

There's now a flat reporting limit of £50k. If proceeds from the disposal exceed this threshold irrespective as to whether CGT is payable or not. 

Is that right? If no tax is due and one does not fill tax returns do you believe that HMRC need to be informed? I thought not.
https://www.gov.uk/capital-gains-tax/work-out-need-to-pay

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 £50,000
• you’re registered for Self Assessment

These rules apply from the 2023 to 2024 tax year onwards.

HarperBoy

OK, but my original question remains - where is this rule set down, other than on the website?

Bookworm105

HarperBoy said:

I am pretty certain that a rule exists that says you must declare capital gains of 4 times the annual allowance, whether or not you have made a gain.  At least, everyone keeps quoting it,  But I can't find it anywhere - gov.uk is no help at all.  Where is the authority for this rule?

the old rules is on the link in the post above, but it only ever applied to people who were already in self assessment. 

the same principle continues with the new 50k threshold, you have to already be required to submit a tax return for other reasons before you are required to report a gain upon which no CGT is payable,

Hoenir

Section 5

https://www.gov.uk/capital-gains-tax/print

Jeremy535897

HarperBoy said:

OK, but my original question remains - where is this rule set down, other than on the website?

Section 8C Taxes Management Act 1970:
https://www.legislation.gov.uk/ukpga/1970/9/section/8C