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Posted Mon, 22 Jan 2024 11:39:40 GMT by
Hi HMRC, Just to recap all conversation above. In short. A. We should keep the record of daily gain & loss from trading in spreadsheet with 3 columns, "date", "gain", "loss" B. Tax return via self assessment is required if total capital gain (total sum of the gain column) from trading is over 49200 regardless the loss. C. The capital loss can be reported in SA108 of self assessment D. We should attach the spreadsheet as PDF in self assessment as reference. Scenario to confirm the interpretation: 1. John traded stock, futures, options of Uk, US, Europe in normal trading account (non-ISA) as retail individual (no registered company). 2. Throughout the tax year, John made capital gain £51000 from trading, but loss £84500 accumulatively. 3. John have no other source income. Question 1: John would need to report the capital gain £51000 in self assessment as his total gain is over £49200. Right? Question 2: John would need to report the capital loss £84000 in SA108 as his capital loss. Right? Question 3: Roughly how much John would need to pay for tax in such a case? Really appreciate HMRC for prompt response all the time.
Posted Mon, 22 Jan 2024 11:52:27 GMT by HMRC Admin 5
Hi narrator

You need to report gains and losses separately. as you have not previously reported anything, and yes you should leave that part blank.

Thank you
Posted Thu, 25 Jan 2024 11:19:58 GMT by HMRC Admin 20
Hi steveoreo,
How you keep your records and their format is up to you.  
We cannot comment on scenarios, only provide general information / guidance in this forum.
Thank you.

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