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Notifying HMRC of share sales

I believe it is not necessary to notify the Revenue of share sales unless they exceed a certain sum unless there is a chargeable gain. Is that sum 15,000?
If the share sales are basically the same shares being bought and sold continually - as in day-trading - is the notifiable amount the original sum, or the sum of all the sales?
Ta
Rob Graham
Reply to
robgraham

Straight from HMRC site a.. your total gains (before you deduct any losses) are equal to or lower than the annual tax-free allowance (£9,600 for 2008-09 for individuals) a.. your total ?disposal proceeds? - usually the amount you receive when you sell or dispose of an asset - are no more than four times the tax-free allowance (ie no more than £38,400 for individuals in 2008-09) a.. I believe all sales count towards the 38400 limit. Next year exempt amount is 10K and 40K for the requirement to report
Reply to
rupert

That's a common misconception, I believe.
Unless something in the rules has changed rather recently (and let's hope they haven't), then it's not necessary to notify HMRC at all in respect of CGT, unless there is a chargeable gain.
The additional 'disposals>(4*allowance)' test, which has been quoted in the other answer, is something that crops up on the current Tax Return, and unless you are filling one in, you don't need to consider it. If you *are* filling one in, then you might need to consider the 4* test if the Return forces you to do so, but thankfully you don't have to proactively remember to ask it of yourself every year.
See above!
Reply to
Clifford Frisby
On Sep 8, 11:47 pm, Clifford Frisby wrote:
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Misconception? It says in the SA21 notes that you must notify them of the sale using form SA108 if "the assets sold or given away were worth more than four times the annual exemption amount" .
Robert
Reply to
Robert Laws
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Ah, sorry, you mean this exhortation only applies if they have sent you SA21. If not then you don't need to?
Interesting.
Robert
Reply to
Robert Laws

Roughly, yes, although I don't think it necessary for them to actually have to send you SA21 specifically, but I suppose it must referenced through several levels of indirection from the notice to file, and they would need to send you that.
To be honest I can't locate that SA21 on HMRC's site using the search, but SA108 appears to be part of the Tax Return (perhaps the short one). None of that stuff is 'in scope' unless one is under a Notice to File.
Each to his own ;-)
Reply to
Clifford Frisby

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