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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4996
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I have "bed and isa " ed £15000 from one acct to another. The

Resolved Question:

I have "bed and isa " ed £15000 from one acct to another. The capital gains on this amount are below the allowance. Do I need to declare this to HMRC and if so how?
Submitted: 2 years ago.
Category: Tax
Expert: replied 2 years ago.

Hello and welcome to the site. Thank you for your question.

You need to fill in the Capital gains summary pages if:

- you sold or disposed of chargeable assets which were worth more than £44,000

- your chargeable gains before taking off any losses were more than £11,000 annual exempt amount’

- you have gains in an earlier year taxable inthis period

- you want to claim an allowable capital loss or make a capital gains claim or election for the year

- you were not domiciled in the UK and are claiming to pay tax on your foreign gains on the remittance basis

- you are chargeable on the remittance basis and have remitted foreign chargeable gains of an earlier year

As the gain is below the threshold of £11,000 and the sale proceeds are below £44,000

you do not have to declare the gain on your tax return. I have given you the figures for tax year 2014-15.

More information on reporting of capital gains can be found here - SA108 Notes "Capital Gains Summary Sheet".

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond. and other Tax Specialists are ready to help you
Expert: replied 2 years ago.
I thank you for accepting my answer.

Best wishes