Hi,
I have a client who has made a capital gain of around £9000 on the sale of shares (privately owned limited company) this year
They don't remember the exact cost of the shares as held for 10 years +, but reckon it was about £500
On basis we are below the CGT allowance for the year and therefore no tax liability, is there any harm in ignoring this section of the self assessment tax return, or can this excite the tax man? I'd rather ignore it completely and say there were no capital gains transactions than try to find exact cost price somehow
anyone see problems with this approach?
cheers
mick
Replies (1)
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No need to report.
The reporting limit for 13/14 is £43,600 so if the sale proceeds were below this amount AND the gain is below the AE, no need to report