Skip to main content

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

Posted Tue, 27 Feb 2024 15:53:25 GMT by Amanda Lambert
I have sold shares in 2023/24 tax year raising proceeds over £50,000, and the gains are within the Annual Exemption. My income is within the Personal Allowance and I have never completed an SA return. Will I need to register for SA for 2023/24 because the proceeds from the sale of shares exceeded £50,000 even although gains are within AE and I am not within the SA regime as my income is below the PA?
Posted Wed, 28 Feb 2024 11:56:41 GMT by HMRC Admin 10
There are 2 situations where a tax return is required.  This first is situation is where both of the following rules apply 1 - you have to complete a tax return for any other reason and 2 - you have disposed of assets worth £50000 or more.  If only one of the criteria is met, then you do not need to declare the gains in a tax return.  The second situation where a tax return is required, is where a capital gains tax liability arises and you have not reported and paid the capital gains tax using the online realtime transactions services, By 31 December after the tax year in which the gain arises.  If you are UK resident and the gain is covered by your annual exempt allowance, meaning there is no tax to pay, then there is nothing to declare, unless the first situation mentioned, applies.
Posted Wed, 28 Feb 2024 14:35:57 GMT by Amanda Lambert
Thank you. So I don’t need to report anything I assume? Should I advise by letter of the disposals or report online on Real Time CGT, or do nothing as no tax to pay?
Posted Thu, 29 Feb 2024 13:07:04 GMT by HMRC Admin 25
Hi Amanda Lambert,
Advise by letter and send to:H
MRC, PAYE & Self Assessment BX9 1AS,
Thank you. 

You must be signed in to post in this forum.