Capital Gains Tax

Have you made a Capital Gain? TaxPenny offer a service for the completion of your UK tax return.

from

£149

For the purpose of capital gains, if you fall into any of the following categories, you will be required to complete a tax return:

If you disposed of chargeable assets of more than £40,400 (2009-10)
If the losses are deducted from your chargeable gains, and your chargeable gains before losses and taper relief are more than £10,100 (2009-10)
If no losses are deducted and your taxable gains after taper relief are more than £10,100 (2009-10)
If you want to claim an allowable capital loss or make any other capital gains claim or election for the year

Records which you will need to keep

Foreign Income or Capital Gains

You'll need to keep any dividend vouchers, tax certificates and personal financial records.

Income from employee share schemes or share-related benefits

You should keep information on any share options awarded or share participation arrangements.

Capital gains or capital losses

You'll need to keep contracts and other documentation about assets you've bought, sold, exchanged, given away or acquired. You should also keep any bills, invoices or other evidence of payment such as bank statements and cheque stubs for the costs of buying, improving or selling assets - as well as copies of any valuations used in your calculations.

How long must you keep your records? If your records are lost or destroyed

If you're not running a business you'll normally have to keep your records for at least 22 months from the end of the tax year to which they relate. For example a form P60 for the tax year 2006-07 mustn't be destroyed until after 31 January 2009.

It's advisable to keep documents relating to buying or improving assets until at least 22 months after the end of the tax year in which you disposed of the asset. These documents will help you calculate any capital gains or losses and answer any queries we have. For example if you dispose of an asset in February 2007 you must keep any records relating to its purchase, improvement and disposal until after 31 January 2009.

If your records are lost or destroyed

If your records are lost or destroyed and you can't replace them you must tell us what has happened and do your best to recreate them.

Once you've gathered replacement information you use this to complete your tax return. You must tell us whether any provisional figures are:

estimated figures - you want us to accept these as final figures
provisional figures - you are using these until you can confirm the figures (you must tell us when you will be supplying actual figures)

If you make adjustments at a later date and you've underpaid tax there may be interest and penalties to pay.

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