coop
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Post by coop on Mar 5, 2015 13:17:15 GMT
Sorry all I am suffering a bout of thickness.
Is one's CGT allowance completely seperate from one's standard tax free allowance on earnings; or are they the same/linked?
If one is nowhere near filling their CGT allowance in a tax year is there any point in reporting to HMRC?
Thanks in advance.
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bigfoot12
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Post by bigfoot12 on Mar 5, 2015 15:44:14 GMT
Sorry all I am suffering a bout of thickness. Is one's CGT allowance completely seperate from one's standard tax free allowance on earnings; or are they the same/linked? If one is nowhere near filling their CGT allowance in a tax year is there any point in reporting to HMRC? Thanks in advance. Yes, normal UK taxpayers normally get both, might be different if you are trading or something. On a self assessment form you have to fill in a number if you sell a lot of stuff (can't remember how much) even if the gain is less than allowance.
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coop
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Post by coop on Mar 5, 2015 15:50:17 GMT
Ah yes I remember; I think it might be £300?
I've never filled in a self-assessment before - and I would like to avoid doing so if at all possible!
My total capital gains this FY is negligible so imagine I get out of it again?
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kmac
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Post by kmac on Mar 5, 2015 16:37:14 GMT
I am quoting from memory, so it needs checking out. It used to be that if your capital gains was more than the exempt amount or the total sales were twice this figure, you had to submit full details to HMRC. Try the HMRC website www.gov.uk/capital-gains-tax/overview. I am not a tax expert, so do not take what I say as correct. |
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coop
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Post by coop on Mar 5, 2015 16:41:57 GMT
"If your total gains are less than the tax-free allowanceYou don’t have to pay tax if your total taxable gains are under your Capital Gains Tax allowance. You’ll need to report and pay Capital Gains Tax if your taxable gains are above your allowance. If you don’t have anything to reportYou don’t need to do anything if you’re not registered for Self Assessment." Looks like I get away with it then! Thank you for the replies and don't worry I won't take anything as gospel and won't sue if it ain't true 
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Mike
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Post by Mike on Mar 6, 2015 1:39:07 GMT
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Post by GSV3MIaC on Mar 6, 2015 18:08:09 GMT
Sorry all I am suffering a bout of thickness. Is one's CGT allowance completely seperate from one's standard tax free allowance on earnings; or are they the same/linked? If one is nowhere near filling their CGT allowance in a tax year is there any point in reporting to HMRC? Thanks in advance. The allowances for CGT and income are completely separate, however IIRC the rate of CGT you pay (should you exceed the threshold) is somewhat determined by what tax band your income has put you in. Again, memory is hazy .. all attempts to construct a tax-bot, or even an excel spreadsheet, fell foul of the fact that you need a Cray, or Deep Blue, to run the algorithms (which may be how Amazon and Google manage so well .. they both have Cloud server farms).
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