What documentation is needed for CGT/capital gains tax

lofidelity

Hello, 
We have to do a CGT declaration soon, we've not done one before; so we can get ready, does anyone know what information is needed, is it just entering numbers like purchase price, sale price, etc. or do we have to upload any documentation, receipts of alterations done, etc.?
Thanks.

bobster2

Depends on the circumstances of the sale - but as a minimum I would say the completion statement from conveyancing solicitor showing showing the sale price along with disposal costs that could be deducted from the gain (e.g. solicitor and estate agent fees).

theartfullodger

Shares, property (ever rented?) business assets, personal assets etc etc?
https://www.gov.uk/capital-gains-tax/what-you-pay-it-on

In my experience (declared and paid for 3.5 houses sold and shares) just declared numbers but my accountant did.  Afaik HMRC never asked for backup paperwork.  Think it must depend on how suspicious of you/asset HMRC are... (They have very good intelligence channels..). Accountant v careful particularly as I had missing records for share purchases so paid over the odds 

Clearly if declaration is not total correct and they find out the costs HMRC go for will/should be painful.

I am one of those who thinks all (me included) should pay the tax (all types) that they should pay. As my father did ...born 1903...

Gets off high horse ...  Best regards to all.

Bookworm105

you are not required to upload anything, but woe betide you if you do not have the relevant paperwork if you ever get  inspected 

lofidelity

Thanks everyone. Do you know what kind of costs, besides estate agent, solicitor, etc. fees, can be included to reduce the amount? 
Cheers 

bobster2

https://www.gov.uk/tax-sell-home/work-out-your-gain

You can deduct costs of buying, selling or improving your property from your gain. These include:

• estate agents’ and solicitors’ fees

• costs of improvement works, for example for an extension - normal maintenance costs like decorating do not count

Bookworm105

lofidelity said:

Thanks everyone. Do you know what kind of costs, besides estate agent, solicitor, etc. fees, can be included to reduce the amount? 
Cheers 

given your lack of knowledge be VERY careful if you try to claim costs of "alterations" as I doubt you have the first idea what is a valid capital improvement as opposed to a disallowed maintenance/repair cost if HMRC ever challenged your return

Hoenir

theartfullodger said:

In my experience (declared and paid for 3.5 houses sold and shares) just declared numbers but my accountant did.  Afaik HMRC never asked for backup paperwork.  Think it must depend on how suspicious of you/asset HMRC are... 

Random audit check catches many people out. One misdeclaration can open up a whole can of worms.