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Posted Thu, 28 Nov 2024 10:33:26 GMT by Craigstockton12
In Tax Year 2019-20 I made under £7,000 capital gains. Then in Tax Year 2020-21, I made under £9,000 capital gains. I checked the guidance at the time and because it was under the Capital Gains Tax allowance I did not need to file a return. However, how long do I have to keep evidence for the transactions. I have looked everywhere and cannot find the answer. All I can find is that if you file a return you have to keep for at least 12 months. However, I have never filed a self asse return as I have never exceeded the allowance. Please could you tell me how long I have to keep the evidence. Also, please make your guidance better. I have spent the past 2 days looking for the answer but cannot find it. There are millions of people who would be in my situation. It should not need you to be Sherlock's Holmes to find such a answer to such a straight forward question.
Posted Tue, 03 Dec 2024 13:55:04 GMT by HMRC Admin 17 Response

Hi ,
 
The tax year 19/20 is now out of date to report these capital losses for them to be used at a future date. for 20/21,

you should send in a letter with a computation to show how the losses arose.

These can be noted so that they can then be used whenever you need them .

Thank you .
Posted Tue, 03 Dec 2024 15:38:49 GMT by Craigstockton12
Thanks but that is not the question I asked. In 2 years I made a profit of capital gains on £7000 in 2019/20 and £9000 in 2020/21. Both were below the capital gains allowance at the time (which was about £12k). T My question is if I have never registered for self assessment how long legally do I have to keep evidence showing the profit I made (if the total profit) was below the capital gains allowance
Posted Wed, 04 Dec 2024 14:34:52 GMT by Craigstockton12
Does anyone know the answer. It is a simple question. When you make profit from a capital gains sale but it is under the capital gains allowance and you have never ever declared a self assessment to HMRC then how long by law are you required to keep evidence
Posted Fri, 06 Dec 2024 17:05:39 GMT by HMRC Admin 19 Response
Hi,
We would ask you to keep evidence for 5 years after the tax year has ended.
Thank you.

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