CGT reporting after shares sold

anna42hmr

Hello. we arranged for the sale of share held by my mom which was completed in January, looking at the government website I don't think we need to do anything in respect to reporting them, but can someone just clarify I am reading it right as wouldn't want mom to get into trouble with HMRC.

the website indicates that:

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

It was a sale of shares of £8500, the profit was below the £3000 capital gains allowance (and has not sold anything else this year that would result in her using any of the CGT) and she is not in self assessment for tax but rather PAYE (though she is a pensioner with both state and private pensions being paid).

Am I right in just thinking we do not need to do anything else now at all, and I am ok just keeping all the paperwork together in case needed down the line?

masonic

You are correct, there is nothing you need to declare, but should retain the details.