CGT reporting query

SiliconChip

Most of the shares I hold are in ISAs, but for the first time ever I've sold some at a profit that are held outside of an ISA. The gain is around £1,500, I'm not planning any more disposals in the current tax year so am I right that because the gain is under £3000 there's no tax to pay and there's no need to report it to HMRC as the disposal value is under £50,000? I'm not in SA, and my other income from pensions and savings is under £30,000 for the year.

DRS1

Yes you are right.

SiliconChip

DRS1 said:

Yes you are right.

Thanks for the rapid confirmation!

scoobyjones1

That's right. You have an allowance of £3k at the moment. If you are married there is a way to use your spouse's allowance as well. So bad that they slashed the allowance form 12, to 6, to 3. 

SiliconChip

scoobyjones1 said:

That's right. You have an allowance of £3k at the moment. If you are married there is a way to use your spouse's allowance as well. So bad that they slashed the allowance form 12, to 6, to 3. 

Not married, so I'm stuck with the £3K allowance, although I do have a some non-ISA shares with a loss of almost £1K (they're effectively worthless now) so I'm hanging on to those to sell if I ever have a gain above the allowance. 

scoobyjones1

Yeah, me too. I still have a few old losses to write off against the profits.
If Labour were smart they would allow a 1-2 year holiday on CGT...maybe a much higher threshold and/or a lower rate of tax. People could get their money out and spend it...boost the stagnant economy.