Have to declare sub £6k capital gains on self assessment

[Greshamst]

If you already fill out a self assessment tax return, and you have a capital gain that is under the £6k allowance, am I correct in thinking you don’t have to mention the £5.9k capital gain when filling out your self assessment?

Tried to Google, but could only find answers for individuals who didn’t previously have to fill out the SATR

[egomeister]

As I understand it, if you are below the allowance nothing needs to be reported

https://www.gov.uk/capital-gains-tax/reporting-and...

[Bobtherallyfan]

egomeister said:

As I understand it, if you are below the allowance nothing needs to be reported

https://www.gov.uk/capital-gains-tax/reporting-and...

Only if the following applies

“You still need to report your gains in your tax return if both of the following apply:

the total amount you sold the assets for was more than 4 times your allowance and

you’re registered for Self Assessment

[Mogul]

The reporting limit threshold would appear to be £50k wef 23/24 (previously £49,200 being 4x the old £12,300 allowance but never 4x the new £6k/£3k allowance) but there is still ample room for confusion…

https://community.hmrc.gov.uk/customerforums/cgt/0...

[Greshamst]

Thanks both, good to get some confirmation.

[Consigliere]

Bobtherallyfan said:

Only if the following applies

“You still need to report your gains in your tax return if both of the following apply:

the total amount you sold the assets for was more than 4 times your allowance and

you’re registered for Self Assessment

What if the asset sold was 4 times your allowance but actually resulted in a loss i.e. no gain whatsoever?

Asset bought for £60k, sold for £52k. No gain but is over the £50k threshold. Already complete a SA every year.

Edited by Consigliere on Monday 26th February 09:11