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Posted Sat, 09 Mar 2024 12:02:52 GMT by Jon5566
Hi, I have recently started investing in us stocks and have made the mistake of buying stocks in a general invest account rather than a stocks and shares isa. I plan to sell the shares and buy them back in an s & s isa using my allowance for this tax year 23/24. I work out i will gain 7,000 with 2,000 losses putting me under this years capital gains threshold of 6,000. I do not file a self assessment so my question is do i have to write a letter to HMRC to declare the losses or are they automatically offset against the gains for this tax year meaning i do not have to report anything as long as my overall gain is not above 6,000. What would i need to do? Thankyou
Posted Tue, 12 Mar 2024 15:05:06 GMT by HMRC Admin 32 Response
Hi,

If you gains, minus losses in the tax year, keeps you below the annual exempt allowance for that year, then there is no requirement to declare the gains or the losses.

Tax when you sell shares

Any losses that you wish to carry forward to a future tax year must either be declared in a Self Assessment Tax Return, where a tax return is required or in writing. In both situations, supporting evidence of the gains and losses should be included.

Thank you.
Posted Tue, 12 Mar 2024 18:37:45 GMT by Jon5566
Thankyou for clarification.
Posted Mon, 06 Jan 2025 20:17:24 GMT by MAW
Hi, I bought some US shares in May of this year using a Trading 212 Invest account and I have the following queries I need help with. First of all, as they are US shares, I understand them to be exempt from stamp duty, if you could please advise. Secondly, a small amount of dividends have been paid, well below the £500 limit. Does this need to be reported? Finally, am I allowed to sell a portion of the shares and keep the rest, to stay below the CGT £3000 limit, and does the sale need to be reported? Many thanks in advance for your help.
Posted Wed, 22 Jan 2025 08:25:35 GMT by HMRC Admin 25 Response
Hi MAW,
This forum does not deal with stamp duty.
You still need to icnlude the dividend as this is still taxable income.
We cannot advise you on what and when to sell as this is financial advise which we are not authorised to give.
Thank you. 

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