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Posted Thu, 26 Jan 2023 08:01:26 GMT by Anthony` Kalli
Hi, Can I ask, if an onshore bond is encashed and this realises a chargeable gain of >£10,000, does this need reporting to HMRC by self assessment even though the gain + other income is within the persons basic rate tax band, and hence no tax liability arises? Thanks Anthony Kalli
Posted Fri, 27 Jan 2023 14:56:05 GMT by HMRC Admin 32

Yes, it still needs to be reported on a tax return.

Thank you.
Posted Sat, 28 Jan 2023 09:11:41 GMT by Anthony` Kalli
Hi, thanks for reply. So, if the gain from onshore bond is less than £10,000 and again no tax liability arises because it still falls within the basic rate tax band including all other income, does this need reporting to HMRC? I cannot find any guidance regarding the £10,000 threshold for reporting chargeable gains anywhere? Thanks
Posted Wed, 01 Feb 2023 08:51:09 GMT by HMRC Admin 19

If your capital gain is fully covered by your annual capital gains tax free allowance and you do not meet any other Self Assessment criteria, you do not have to complete a Self Assessment tax return. 

Check if you need to send a Self Assessment tax return

Thank you.

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