The Lemon Fool

New investor since last year. Can anyone tell me how I can get information about capital gains for my tax return? I've received a Consolidated Tax Statement from my broker (Interactive Investor) which gives details of dividend income but nothing about my total gains or losses. Does the broker usually record and supply this information or is it up to me to keep records and calculate my taxable gains?

Being a novice, I initially cut in and out of multiple different shares before settling on a portfolio. Now the thought of having to go back and record every transaction on a spreadsheet and work out gain/loss fills me with dread!! Any help/advice on how to make this easier (if I have to do this myself) would be appreciated.

Keeping your own records of share transactions and values is an essential step.

The information from brokers about changes in capital values will not give you enough information.

https://www.gov.uk/government/publicati ... mary-sa108 is the place to get information, and there is also a Capital Gains Manual which supplements the Notes for the various years.

TJH

gulvain wrote: Any help/advice on how to make this easier (if I have to do this myself) would be appreciated.

Did you do well enough to make total gains before losses of more than £ 12,300? Or total proceeds of four times that amount. If not then you aren't required to disclose the detail in a tax return.

If all the transactions were with ii, the contract notes for each purchase and sale will be stored on their system as pdf files.

Stating obvious but I use ISA allowance of myself and wife before thinking of an unsheletered account. But have an inheritance so some in dealing account, and yes pain to keep an extra record, but in this market you'd be doing well to be over 12.3 gain, outside of ISAs!

Related issue so I will try here rather than on new thread.

Six weeks ago Mrs D made a property disposal liable for CGT. She did all the documentation on the new designated HMRC website, and on the same day wrote to her tax office (recorded mail letter) requesting facility to pay by instalments which her accountant confirmed is allowable for property disposals.

Since when, silence has reigned. Cynical me suspects a deliberate attempt to rack up the interest due; accountant suggests it's simply par for the increasingly unsatisfactory course.

Any wisdom, or past experience, gratefully received. Thanks

Dove

Thanks for the advice and links to the Capital Gains forms. I probably took for granted the fact that brokers would hold this information and able to work it for you. It's a lesson in keeping records from the outset. I fully expect any capital gains to be under the limit of £12500, but might need to go through the pain of working out and proofing that I do by plugging individual gains/losses into a spreadsheet.

@Gulvain

Be aware if you chop in and out if a position there may be complications….if you sell say, Tesco and repurchase Tesco within 30 days then it’s not seen as a disposal.

If you make a partial disposal, then you work on the average cost.

ISA’s and SIPPs make for a simple life , otherwise a robust spreadsheet is useful.

Dove21 wrote:Related issue so I will try here rather than on new thread.

Six weeks ago Mrs D made a property disposal liable for CGT. She did all the documentation on the new designated HMRC website, and on the same day wrote to her tax office (recorded mail letter) requesting facility to pay by instalments which her accountant confirmed is allowable for property disposals.

Since when, silence has reigned. Cynical me suspects a deliberate attempt to rack up the interest due; accountant suggests it's simply par for the increasingly unsatisfactory course.

Any wisdom, or past experience, gratefully received. Thanks

Dove

Why is she eligible to pay the CGT by instalments?
https://www.gov.uk/hmrc-internal-manual ... nstalments.
On a more general note, HMRC's response times are abysmal at present.

Hariseldon58 wrote:... Be aware if you chop in and out if a position there may be complications….if you sell say, Tesco and repurchase Tesco within 30 days then it’s not seen as a disposal.

It is a disposal.

Rather than reinvent the wheel, see this recent detailed post from Gengulphus:

viewtopic.php?p=410577#p410577

Which includes but best to read in full:

Gengulphus wrote:So what about CGT? The main thing to say about it is that when you sell, you always bring a capital gain or loss into existence for CGT purposes, no matter how soon you repurchase. There is a frequently-encountered myth about the 'anti-bed-and-breakfasting' or '30-day' rule, the myth being that if you repurchase your shares within 30 days after selling, the sale is cancelled out for CGT purposes, so that any gain or loss is deferred until you eventually sell 'for good' by not repurchasing within 30 days. The truth is that the sale is not cancelled out for CGT purposes: ...

PinkDalek wrote:

Hariseldon58 wrote:... Be aware if you chop in and out if a position there may be complications….if you sell say, Tesco and repurchase Tesco within 30 days then it’s not seen as a disposal.

It is a disposal.

Rather than reinvent the wheel, see this recent detailed post from Gengulphus:

viewtopic.php?p=410577#p410577

Which includes but best to read in full:

Gengulphus wrote:So what about CGT? The main thing to say about it is that when you sell, you always bring a capital gain or loss into existence for CGT purposes, no matter how soon you repurchase. There is a frequently-encountered myth about the 'anti-bed-and-breakfasting' or '30-day' rule, the myth being that if you repurchase your shares within 30 days after selling, the sale is cancelled out for CGT purposes, so that any gain or loss is deferred until you eventually sell 'for good' by not repurchasing within 30 days. The truth is that the sale is not cancelled out for CGT purposes: ...

Thank you for the comment, my (too) brief reply was to draw attention to the complications of rules regarding matching shares sales to purchases. The linked article covers the topic fairly succinctly Re the 30 day matching of transactions, such that the effect of sale and repurchase might not produce the outcome that a novice investor might expect.

Best avoided if possible in a taxable account.

https://techzone.adviserzone.com/anon/public/personal-taxation/Practical-G-Share-match#anchor_1