Capital Gains Tax on share sales

RomfordNavy

Can anyone explain to me how the Inland Revenue get to know about CGT liabilities on share sales?  Do all UK brokers report all purchases and sales to the IR in some way?

I have never had to report CGT before but due to the much reduced allowances this year I will be a few hundred pounds over the allowance.  As I have been reorganising things, some of these shares have been sold from one broker and then partly bought back on another broking account but within the thirty day continuous holding rule but not all.  So how do the Revenue get to know about these sales/purchases and piece them all together?

I don't really want to trigger the IR sending me CGT forms every year if I can help it.

masonic

Brokers can report apparent disposals, but of course they do not know if they are actual disposals because an individual can bed & breakfast shares, and their acquisition cost may vary owing to holdings elsewhere. Some have reported receiving "nudge" letters from HMRC where a high level of disposals have been reported and they failed to report their gains/losses as is required above a threshold.

You will need to report details yourself, either using the real time reporting service or via self assessment.