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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15917
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Do I need to fill in the Capital gains section on the tax form

Resolved Question:

Do I need to fill in the Capital gains section on the tax form if I have sold shares and the company has already deducted the tax. The total value of the shares before tax was £73,600. The company sold 40% to pay tax. I sold immediately so the gains were fair below the £11,000 allowance.
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. You are referring to an employee share scheme. You do have to complete the CG pages if the the disposal proceeds were more than four times the annual exemption, £44,000 (4 x £11,000) and/or the gains were in excess of the annual exemption. The CGT cost of the shares sold will be the sum of what you paid for them if anything and the sum on which you paid income tax and NIC. That will near enough equate to what the shares were worth on the day they were sold so you will have little if no gain. I just completed a tax return for a client who had gains of less than £100 having paid tax on about £30,000. I hope this helps but let me know if you have any further questions.
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