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HMRC internal manual

Capital Gains Manual

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HM Revenue & Customs
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Capital Gains manual: individuals: administration: Returns of chargeable gains

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

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.