help - selling shares under the CGT allowance

anna42hmr

hello, sorry if this is a daft question, but can only seem to be finding out information if their is a capital gain to be paid (or a loss declared). 

I am assisting mum sell some old shares she had, and looking at the prices paid for them and the increase, the gain will be below the £3,000 capital gains threshold, as such, do we need to notify hmrc when the shares have been sold or as there is no CGT, does that mean there is nothing for us to do in that regard? 

eskbanker

No action needed unless she already self-assesses and the proceeds exceed £50K:

If your total gains are less than the tax-free allowance

You do not have to pay tax if your total taxable gains are under your Capital Gains Tax allowance.

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

https://www.gov.uk/capital-gains-tax/work-out-need-to-pay

ColdIron

If you are sure the gain is below the £3,000 annual exempt amount there is nothing to pay or declare

https://www.gov.uk/capital-gains-tax/work-out-need-to-pay

anna42hmr

thank you for the replies and clarification it is much appreciated. she does not do tax returns and the overall share valuation will be circa £7K, so below the £50k mark too.