If an individual makes no gain on a Capital disposal is there a threshold whereby they do not have to report it to HMRC on their tax return?
I cannot find any guidance on this subject.
Replies (3)
Please login or register to join the discussion.
Limit
Sometimes you need to report to HM Revenue and Customs (HMRC) even if your gains are below the tax-free allowance. Send a tax return if:
you disposed of chargeable assets with an overall worth of more than 4 times the Capital Gains Tax allowance - this works out as £44,400 for the 2015 to 2016 tax yearyou have losses that you want to claim (if you’re not already registered for Self Assessment, you can write to HMRC instead)
Tax Return Guidance notes
If you look at the guidance notes for the Capital Gains Tax schedule online it will give you the criteria appropriate for the year