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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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In 2011, I sold some shares total value of £160000. In

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In 2011, I sold some shares for a total value of £160000. In the 2011-12 tax year I received a partial payment of £26000, which I declared, and on which I paid tax - the rest was due to be paiod in installments.
In the 2014-2-15 tax year, I received an additional £12000 payment. Do I simply declare that as my capital gains for the year? If I enter that figure into my tax return, it automatically removes the deductible amount (approx 11000) - is this correct, as surely I can only have the decuction once on the sale price? If this is incorrect, how would I go about making the entry on the tax form to ensure that I do not underpay tax
Thanks for the help
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question...If you have received payments in instalments and you have been declaring as such, then each year you receive a payment you are entitled to your gains allowance against it and the rest would be chargeable to CGT.Every year you are entitled to a gains allowance similar to personal allowance. 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.
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Customer: replied 1 year ago.
Thank you for your rely - it was very helpfulRegardsRobert
Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer. Best wishes

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