Really need help with Capital Gains section f self assessment :(

icicat

Hi all,

So I left the company I worked for in 2017. They awarded me shares which amounted to something like 4k at the time. I forgot about them and last year saw they they grew to around £32k (these are all approximations)

last year I was buying a house and needed the money to pay towards the deposit. I sold all shares in that year (regrettably as the house fell through) so total gains worked out around £28k approximately after converting to GBP from the date I sold them.

I am filling in my 2023/2024 tax return now and added the capital gain section to declare the gains I cashed in last year.

In my head I though this would just be inputting the total amount of gains in a section that were paid into my bank account at the time. Though I've found it's way more confusing than that.

I've ticked 'Listed Shares' in 'Disposed chargeable assets' section and after that I haven't a clue as to where to input this amount, nothing in the next pages makes any sense to me.

I would really appreciate some guidance on this. I have attached images of the Capital Gains sections as well as the shares I had received and sold last year. Thanks!

 

eskbanker

icicat said:

In my head I though this would just be inputting the total amount of gains in a section that were paid into my bank account at the time. Though I've found it's way more confusing than that.

It wasn't just the gains that were paid into your bank account though!  What was paid into the account was the proceeds, from which you then deduct the allowable costs, as explained in the links on those pages.

icicat

Thanks eskabanker. I never thought of that. So the 6k (or so) allowable cost can be deducted from the 28k? And the rest is what is taxed for capital gains?

This whole process is new to me as I have never sold and declared stocks/shares in a tax return. Not sure if it's the way it's been worded but I just cannot understand which section I need to fill in and read up on.

Also the explanations just loose me when I read them. I was even thinking if I should just get an accountant to help with this as it's beyond my understanding.

eskbanker

icicat said:

Thanks eskabanker. I never thought of that. So the 6k (or so) allowable cost can be deducted from the 28k? And the rest is what is taxed for capital gains?

Yes, the purchase costs are deducted from the sale proceeds to give the chargeable gain figure - you then have an annual CGT exemption of £6K in 2023/24 too, so that reduces the CGT bill too.

icicat

Yeah I remember hearing about this, and equated the currency conversion at the time it was paid in. I think I may need to acquire the services of an accountant for this as it is just way over my head. Plus I've been ill the past few days and in no mood to tackle it

Does anyone know when they will raise the capital gains tax so I know when I need to get this done by? I really cant afford to be paying more tax for late submission.

Dazed_and_C0nfused

icicat said:

Yeah I remember hearing about this, and equated the currency conversion at the time it was paid in. I think I may need to acquire the services of an accountant for this as it is just way over my head. Plus I've been ill the past few days and in no mood to tackle it

Does anyone know when they will raise the capital gains tax so I know when I need to get this done by? I really cant afford to be paying more tax for late submission.

Rachel Reeves would know if there any changes afoot but she's keeping it secret until next week.

icicat

Hey all, so I think I figured this out. Great video here: https://www.youtube.com/watch?v=Wryt1qVA6W4&t=1092s

He explains about using the capital gains worksheet for shares, which is much more straight forward.

Though now my predicament is would I need to fill a sheet in for each share awarded at different dates? Even though I sold them at the same time? So that would mean I would have to do this 15 times for each date I was awarded shares?