Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Mon, 19 Aug 2024 21:37:23 GMT by KuenHK Lam
Hi HMRC, I have 2 overseas joint bank accounts - one with my wife and one with my daughter. I bought the "same" stock in these 2 joint accounts few years ago. I also made a disposal of partial shares of this stock in these 2 accounts last year. For notification of disposal of partial shares to HMRC in Capital Gains Tax Summary (SA108), I have the following queries to ask: 1) As these 2 accounts are a joint account, should my wife, my daughter and I report the share disposal in their respective self assessment tax return even it is not a disposal of whole shares? And, the number of shares and disposal proceeds should be split into half for calculation in the computation working sheet, am I right? 2) Regarding my notification of such disposals of the same stock made from 2 joint accounts, I would like to know if I am allowed to merge (sum up) the 2 disposals of the same stock from 2 joint accounts and then submit one overall computation working sheet for the disposals of the same stock made from 2 joint bank accounts, OR, I should submit a separate computation working sheet for the disposal created from each joint bank account although the same stock was sold in each account. The above queries are for notifying a capital loss to HMRC even it is from a disposal of partial shares (not a disposal of whole shares). In my tax return, I also apply for negligible value claim (NVC) for one stock in these joint accounts. For my such complex case, I would like to ask if I need to enter "MUL" (in box 25 of SA108) as the relevant code for making the above claims (i.e. Capital Loss + NVC), and also input the total number of disposals in box 23 of SA108 (i.e. by adding up the number of the negligible value of the stock in 2 joint accounts and the number of disposals of partial shares in 2 joint accounts). Sorry for the above concerns from my complex case. I am looking forward to receiving your expert advice. Thank you in advance.
Posted Mon, 19 Aug 2024 22:00:39 GMT by HMRC Admin 18 Response
Hi,

Please refer to:

Shares and Capital Gains Tax (Self Assessment helpsheet HS284)

If the shares are in joint names, each party must report their own info.

Thank you.
Posted Thu, 29 Aug 2024 22:22:11 GMT by KuenHK Lam
Hi HMRC, Regarding the above concerns in my complex case (involving 2 foreign joint bank accounts), I am writing to ask if any advice from HMRC will be given very soon. Thank you.

You must be signed in to post in this forum.