SATR - ommission of capital gains

SATR - ommission of capital gains

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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

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By Manchester_man
26th Nov 2014 23:25

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

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