Paying Capital Gains Tax - process

georged123

I recently sold some shares that I purchased through a work scheme.

My profit was roughly £3,600 so I'm around £600 over the allowed threshold.

What is the process for paying CGT?

poseidon1

https://forums.moneysavingexpert.com/discussion/6675528/paying-capital-gains-tax-process

Assuming you are not within the self assessment tax system, you can use 'HMRC 's real time Capital Gains taxTax Service in the link below -

https://www.gov.uk/report-and-pay-your-capital-gains-tax/if-you-have-other-capital-gains-to-report

However if you don't already have a Government Gateway ID or a GOV.ONE UK login, you will need to establish the Gateway ID as a separate excercise first.

vacheron

I used this last year. It's quite amusing actually. They make you do all the calculations, and work out the tax due. You also have to show your working (I submitted a spreadsheet). Then they disappear for a week or so, and then come back with a link for the exact amount of money you calculated.

I've no idea if they have any means of confirming the buying and selling prices submitted.

It does the job though, and saves filling in a tax return.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82063409#Comment_82063409

"I've no idea if they have any means of confirming the buying and selling prices submitted."

You'd be asked for the contract notes if there were any doubts. Someone could thumb suck it by looking at a price chart for said security.