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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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If I have made a gain which is less than the annual allowance

Customer Question

If I have made a gain which is less than the annual allowance and have no other income in the relevant year but the disposal proceeds are more than four times the annual allowance do I have to file a full tax return or can I just complete a CGT return to HMRC?
Submitted: 10 months ago.
Category: Tax
Expert:  TonyTax replied 10 months ago.
Hi. You will need to complete a full self-assessment tax return I'm afraid. You can register for self-assessment by completing a form SA1 here but, if you have a 2014/15 gain to report, you probably aren't going to get registered in time to meet the submission deadline of 31 January 2016. There is no separate CG return. I hope this helps but let me know if you have any further questions.
Customer: replied 10 months ago.
Thank you for your very prompt response. I am not surprised. My only comment is that when I referred in my question to a CGT return I meant HMRC Form SA108 but from your answer I assume that this has always to be an enclosure within a full tax return.
Expert:  TonyTax replied 10 months ago.
The SA108 pages are the pages you will need to complete that will accompany the 8 page core SA100 self-assessment tax return.
Expert:  TonyTax replied 10 months ago.
Hi, I'm just checking in to find out if you need further advice or clarification.

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