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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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I have "bed and isa " ed £15000 from one acct to another. The

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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?
LG

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".

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/420007/sa108-notes-2015.pdf

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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