Capital Gain and Loss - declare or not?

Hi, If I have a capital gain just above the annual tax free allowance (say, £3,200), and a loss that would take me back below it that I don't intend to carry over to any other tax year (say, -£300, for an overall gain of £2,900), do I need to declare either of these amounts to HMRC? I've never made a gain above the annual allowance before and also don't do self assessment tax returns normally. If I have to declare, do I declare both the gain and loss, or just the loss as the overall gain+loss is below the threshold? Can I do this easily online or would it be better to write to you? Thanks, beancamel

Hi,

In year capital losses must be used first against any capital gain even if that means you do not get the full benefit of the annual allowance for the year. You can see information on reporting gains here:

Report and pay your Capital Gains Tax

Thank you.

Hi, The question wasn't whether I need to use the losses, but whether I need to report anything (gains/losses/both?) to HMRC if the total gain+loss is overall below the tax-free threshold.

Hello, I wanted to ask if the calculated capital gains for tax year ending 23/24 comes up to 2600. Does it need to be reported on self assessment if it’s less than the 3000 allowance. Thanks

Hi ,
 

As the intial gain is above the annual exempt amount, yes you need to report it . Thank you .