If you make less than £3000 buying and selling stocks in a year, do you still need to declare it?

premiumz

Hi,

If you have bought and sold US stocks and turned a profit but it was under the £3000 capital gains allowance, do you still need to declare it and submit everything in a self assessment tax return?

Thanks

Nomunnofun1

premiumz said:

Hi,

If you have bought and sold US stocks and turned a profit but it was under the £3000 capital gains allowance, do you still need to declare it and submit everything in a self assessment tax return?

Thanks

No:

Fill in the ‘Capital Gains Tax summary’ pages if:

•

you sold or disposed of chargeable assets which

were worth more than £50,000

•

your

chargeable gains before taking off any losses

were more than £3,000 (‘annual exempt amount’)

•

you have gains in an earlier year taxable in

this period

•

you want to claim an allowable capital loss or

make a capital gains claim or election for the year

•

you were not domiciled in the UK and are

claiming to pay tax on your foreign gains on the

remittance basis

•

you’re chargeable on the remittance basis and

have remitted foreign chargeable gains of an

earlier year

premiumz

Nomunnofun1 said:

premiumz said:

Hi,

If you have bought and sold US stocks and turned a profit but it was under the £3000 capital gains allowance, do you still need to declare it and submit everything in a self assessment tax return?

Thanks

No:

Fill in the ‘Capital Gains Tax summary’ pages if:

•

you sold or disposed of chargeable assets which

were worth more than £50,000

•

your

chargeable gains before taking off any losses

were more than £3,000 (‘annual exempt amount’)

•

you have gains in an earlier year taxable in

this period

•

you want to claim an allowable capital loss or

make a capital gains claim or election for the year

•

you were not domiciled in the UK and are

claiming to pay tax on your foreign gains on the

remittance basis

•

you’re chargeable on the remittance basis and

have remitted foreign chargeable gains of an

earlier year

Okay thanks.

Sounds like I don't need to then?

I didn't sell any real estate or make any stock gains during the tax year Apr24-Apr25 that totaled more than £3000. It was more like £2000.
I started buying and selling shares around October/November time last year.

I do self assessment each year but just wanted to know if I had to add that for the tax year Apr24-Apr25.

But from what I saw online and now your response, it seems that I do not have to declare it in my self assessment based on the above. Is that correct?

Nomunnofun1

premiumz said:

Nomunnofun1 said:

premiumz said:

Hi,

If you have bought and sold US stocks and turned a profit but it was under the £3000 capital gains allowance, do you still need to declare it and submit everything in a self assessment tax return?

Thanks

No:

Fill in the ‘Capital Gains Tax summary’ pages if:

•

you sold or disposed of chargeable assets which

were worth more than £50,000

•

your

chargeable gains before taking off any losses

were more than £3,000 (‘annual exempt amount’)

•

you have gains in an earlier year taxable in

this period

•

you want to claim an allowable capital loss or

make a capital gains claim or election for the year

•

you were not domiciled in the UK and are

claiming to pay tax on your foreign gains on the

remittance basis

•

you’re chargeable on the remittance basis and

have remitted foreign chargeable gains of an

earlier year

Okay thanks.

Sounds like I don't need to then?

I didn't sell any real estate or make any stock gains during the tax year Apr24-Apr25 that totaled more than £3000. It was more like £2000.
I started buying and selling shares around October/November time last year.

I do self assessment each year but just wanted to know if I had to add that for the tax year Apr24-Apr25.

But from what I saw online and now your response, it seems that I do not have to declare it in my self assessment based on the above. Is that correct?

Yes - as stated unless the PROCEEDS exceeded £50000.