CG20220 - Capital Gains manual: individuals: administration: Returns of chargeable gains

Under s8 TMA70, a person may be required to provide information about their chargeable gains. There is no requirement to make a return of capital losses but they do need to be notified to HMRC in order for them to be allowable losses, see CG15800P.

Under s8C TMA70, an individual who is required to make a self-assessment return is not required to include full details of their chargeable gains where:

• the total consideration for all disposals (excluding assets which are exempt from the capital gains charge, see CG12600+, and disposals between spouses or between civil partners to which s58 applies so that neither a gain nor a loss arises on the disposal, see CG22000+) does not exceed four times the annual exempt amount (“AEA”), see CG18000P, and

• either no allowable losses are deducted and the total chargeable gains do not exceed the AEA, see CG18000P, or
• allowable losses are deducted and the total chargeable gains before deducting losses do not exceed the AEA, see CG18000P.

Gains or losses on the disposal of assets which are exempt from the charge to Capital Gains Tax do not need to be entered on the return. If an exemption applies only in part to an asset, full details should be entered on the return.