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Posted Tue, 16 Jul 2024 14:54:08 GMT by DLEK
Hi HMRC Admin, Firstly, I have foreign interest income that requires me to submit a self-assessment every year. Secondly, in the 2023-2024 tax year, I disposed of foreign shares with a total amount of £20,000, resulting in a gain of £500. I'm wondering if I need to report this gain under Capital Gains Tax. When I was filling out the self-assessment, I selected to fill in the Capital Gains Summary section. However, I answered "NO" to four questions: Did I dispose of chargeable assets worth more than £50,000? Were there any losses deducted? Are my taxable gains more than £6,000? Do I want to claim any allowable capital loss or make any other capital gains claims or elections for the year? In response, I received a message saying "Not required to complete capital gains section" and proceeded by clicking the 'Next' button. If I don't have to report Capital Gain Tax, should I remove the entire CGT section to prevent any confusion? I greatly appreciate your assistance with this matter.
Posted Wed, 17 Jul 2024 11:35:09 GMT by HMRC Admin 10 Response
Hi
If the gain of £500 is the taxable amount over the annual exemot amount of £6000 then yes you need to report it. If it is the overall gain then no.

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