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HMRC internal manual

Capital Gains Manual

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HM Revenue & Customs
Updated
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Returns: individuals, personal representatives, trustees

A person may be required to supply information about chargeable gains. Authority for this is in TMA70/S12 and TMA70/S8. There is no requirement to make a return of capital losses but see CG15813.

Capital Gains are returned on the CGT supplementary pages (form SA108). Full guidance on the completion of the return, including help sheets on particular subjects, can be found on the HMRC website.

Individuals

TCGA92/S3A

If required to make a return an individual need not make a detailed return of chargeable gains where:

  • the aggregate consideration for all disposals (excluding assets which are exempt from the capital gains charge, see CG12600+, and disposals between husband and wife or between civil partners to which TCGA92/S58 applies so that neither a gain nor a loss arises on the disposal, see CG22200) does not exceed four times the annual exempt amount

and

  • either no allowable losses are deducted and the total chargeable gains do not exceed the annual exempt amount, see CG18000+
  • or allowable losses are deducted and the total chargeable gains before deducting losses do not exceed the annual exempt amount, see CG18000+.

These conditions are reflected in the notes to the Self-Assessment return which explain when the CGT supplementary pages must be completed.

Taper relief does not apply to disposals after 6 April 2008.

Gains or losses on the disposal of assets which are exempt from the charge to Capital Gains Tax should not be entered on the Return. If an exemption applies only in part to an asset, full details should be entered on the Return.

Personal representatives of deceased taxpayers

TCGA92/S3A(4)

For the year of assessment in which an individual dies and for the next two following years, his or her personal representatives need not make a detailed return of chargeable gains in the estate return in certain circumstances. These are the same as for an individual (above).

Trusts

TCGA92/S3A(5)

Trustees need not make a detailed return of chargeable gains in returns in respect of trusts where:

  • the aggregate consideration for all disposals (excluding assets which are exempt from the capital gains charge, see CG12600+) does not exceed four times the annual exempt amount for an individual,

and

  • either no allowable losses are deducted and the total chargeable gains do not exceed the annual exempt amount applicable to the trust. (See CG18050+ if the settlement is for a disabled person, and CG18090+ for other settlements)
  • or allowable losses are deducted and the total chargeable gains before deducting losses do not exceed the annual exempt amount applicable to the trust. (See CG18050+ if the settlement is for a disabled person, and CG18090+ for other settlements.)

These conditions are reflected in the notes to the Self-Assessment return that explain when the CGT supplementary pages must be completed.

Gains or losses on the disposal of assets which are exempt from the charge to Capital Gains Tax should not be entered on the Return. If an exemption applies only in part to an asset, full details should be entered on the Return.