The screens for entry of capital gains can be found from the data input tab within a tax return. Select + Add a new section…, a new window opens,

Click on ‘Capital Gains’

A new screen opens with the following tabs:

  • Gains summary
  • Real Time Transaction Tax returns
  • Capital losses
  • Disposals
  • Computation
  • Foreign Tax Credit & SWT

HMRC provide assistance with the completion of the Capital Gains self-assessment-capital-gains-summary-sa108

Gains summary:

This tab will display the summarised Capital Gains information that will appear on the Tax Return. If you have entered disposals Taxfiler will summarise the disposals and stop the summary fields from being edited, you can manually amend them by ticking the box Allow manual override of figures calculated from disposals?

If you have not entered any disposals in the disposals tab then all the summary fields will be editable,

Residential property (and carried interest)

Do not include gains or losses subject to non-resident Capital Gains Tax. The following fields will complete the SA108 section of the tax return.

  • Number of disposals’ Enter the number of disposals of interests in residential property assets that you made in the current tax year.
  • Disposal proceeds’ Enter the total disposal proceeds for all interests in residential property assets (before taking into account any reliefs or claims)
  • Allowable costs (including purchase price)’ Enter your total allowable costs
  • Gains in the year, before losses’ Enter the total of any gains made on the disposals of interests in residential property (and any carried interest gains). This figure will be the gain minus any relief, claims or elections. Include any gains from earlier years. Do not deduct the ‘annual exempt amount’
  • Losses in the year’ Enter the total of any losses made on the disposals of interests in residential property. This figure will be after taking into account the effect of any relief, claims or elections.
  • Type(s) of claim or election made’ Select the type of claim from the drop down list, this will enter the three letter code required.
    • Private Residence Relief without Lettings relief
    • Private Residence Relief with Lettings relief
    • Gift Hold-Over relief
    • Rollover Relief
    • Employee Shares
    • Entrepreneurs’ Relief
    • Negligible Value Claims
    • Social Investment Tax Relief
    • Other claims
    • More than 1 code applies
  • Gains from carried interest included in gains above‘ Enter the amount of gain from carried interest.

Non-resident Chargeable Gains Tax (NRCGT) on residential property

  • Net gain/(loss) chargeable to NRCGT’ Enter the total amount of gains chargeable to NRCGT after any NRCGT losses of the year
  • Tax already charged on NRCGT gains’ Enter the total amount of NRCGT you included on your NRCGT returns and paid in the year

Listed shares and securities

  • ‘Number of disposals’
  • ‘Disposal proceeds’
  • ‘Allowable costs (including purchase price)’
  • ‘Gains in the year, before losses’
  • ‘Losses in the year’
  • ‘Type(s) of claim or election made’

Unlisted shares and securities

  • ‘Number of disposals’
  • ‘Disposal proceeds’
  • ‘Allowable costs (including purchase price)’
  • ‘Gains in the year, before losses’
  • ‘Losses in the year’
  • ‘Type(s) of claim or election made’
  • Gains exceeding the lifetime limit for Employee Shareholder Status shares’
  • ‘Exempt gains invested under Seed EIS’

Other property, assets and gains

  • Other property, assets and gains
  • ‘Number of disposals’
  • ‘Disposal proceeds’
  • ‘Allowable costs (including purchase price)’
  • ‘Gains in the year, before losses’
  • ‘Losses in the year’
  • Type(s) of claim or election made’
  • ‘Attributed gains where personal losses cannot be set off’
  • Entrepreneurs’ Relief

Include these disposals in the “other property, assets and gains” section

  • ‘Gains qualifying for Entrepreneurs’ Relief (on or after 23 June 2010)’
    • ‘Deferred gains qualifying for ER before 23 June 2010’
  • Tax adjustments to 2018-19 capital gains
    • ‘Adjustment to Capital Gains Tax’
    • ‘Additional liability from non-resident and dual resident trusts’
  • Any other information
    • ‘Do the computations included any estimates or valuations?’
  • Additional text note for Tax Return

Real Time Transaction Tax returns:

For additional information refer to HMRC Report and pay capital gains tax

Residential Properties – Real Time Transaction Tax returns submitted during [year]

Ensure these amounts have been included in the gains and losses reported on the summary page.

  • Overall gain/(loss) on disposal of residential properties’ If you’ve disposed of an interest in a residential property and included this when you used the ‘real time’ Capital Gains Tax service, enter the overall gain or loss. If the result for the year was a loss, enter a minus sign in front of your figure.
  • ‘Tax already charged on the Real Time Transaction return’ Enter the total amount of tax you paid when you used the ‘real time’ Capital Gains Tax service
  • Other property and assets – Real Time Transaction Tax returns submitted during 2018-19

Ensure these amounts have been included in the gains and losses reported on the summary page.

  • ‘Overall gain/(loss) on disposal of other assets’
    • ‘Tax already charged on the Real Time Transaction return’
  • Listed shares and securities – Real Time Transaction Tax returns submitted during 2018-19

Ensure these amounts have been included in the gains and losses reported on the summary page.

  • ‘Overall gain/(loss) on disposal of listed shares’
    • ‘Tax already charged on the Real Time Transaction return’
  • Unlisted shares and securities – Real Time Transaction Tax returns submitted during 2018-19

Ensure these amounts have been included in the gains and losses reported on the summary page.

  • ‘Overall gain/(loss) on disposal of unlisted shares’
    • ‘Tax already charged on the Real Time Transaction return’
  • Additional text note for Tax Return

Include the reference numbers of any Real Time Transaction Tax returns made

Capital Losses:

This tab allows for the input and allocation of Capital Losses arising and brought forward.

  • Losses for the year
    • Losses for the year’ the total losses arising in the year. This field may not be editable if disposal have been entered in the disposals tab. To override the figure, use the gains summary tab to enable the override of the summary figures.
  • Losses used against income
    • Losses used against ‘current year’ income’ some capital losses can be used against income see HMRC help sheet 286
    • Amount relating to Share Loss Relief to which EIS/Seed EIS relief is attributable’ Enter the amount of the loss being used against income which relates to EIS/Seed EIS shares see HMRC help sheet-297and HMRC help sheet 393
    • Losses used against ‘prior year’ income’ enter the amount of losses being used against income from earlier years
    • ‘Amount relating to share Loss Relief to which EIS/Seed EIS relief is attributable’ enter the amount of losses being used against income from earlier years related to EIS/Seed EIS shares.
  • Allocation of losses
    • Gains for the year before losses’
    • Income losses set against gains’
    • Net gains after losses’
    • Losses brought forward’ enter the capital losses brought forward from earlier years.
    • Losses brought forward used against gains’ specify the amount of losses used against gains. You do not need to allocate all the losses brought forward; it is common to allocate only enough losses to reduce the net gain to the Annual Exempt amount.
    • Losses used against an earlier years’ gain’ If the taxpayer died during the tax ear, losses arising this year can be allocated against earlier year gains. Enter the amount to carry back.
    • ‘Losses to carry forward’ enter the value of any losses to carry forward
  • Additional text note for Tax Return
    • Enter any additional notes that you require to be submitted on the tax return.

Disposals:

Within the disposals tab you will need to click on ‘+Add disposal’ to open a new window for each disposal in the tax year. To edit a disposal, click on its description, displayed in blue, to delete a disposal click on its description to edit it and the click on ‘Delete disposal’ button. Information entered here is carried forward onto the Gains summary sheet.

  • Chargeable Disposal
    • Brief description of asset’ enter a brief description of the asset being disposed
    • Type of asset’ choose the type of asset from the drop-down list
      • Residential property
      • Other land and property
      • Carried interest
      • Listed shares and securities
      • Unlisted shares and securities
      • Other assets
    • Date of disposal’ enter the date of disposal, which should be within the current tax year
    • ‘Proceeds’ enter the sale proceeds. If the sale is to a connected person you may need to enter the market value , for additional guidance refer to HMRC capital-gains-manual
  • Costs etc
    • Date acquired’ enter the date that the asset was acquired
    • Cost’ enter the original acquisition cost. If not known, you may need to provide a market value estimate. Refer to HMRC for additional guidance
  • Acquisition & enhancement costs and allowable expenditure

You can enter any number of lines of acquisition cost and enhancement expenditure.

  • Description’ enter a brief description of the cost or allowable expenditure.
    • Amount’ enter the amount
  • Reliefs claimed

You may enter any number of reliefs

  • Description’ enter a brief description of the relief
    • Amount claimed’ enter the amount of relief claimed
    • Type of claim/relief’ Select the type of claim or relief from the drop-down list. To delete a line, click on the ‘trash’ button at the end of the line.
      • Private Residence Relief without Lettings Relief
      • Private Residence Relief with Lettings Relief
      • Gift Hold-Over Relief
      • Rollover relief
      • Employee Shares
      • Negligible Value Claims
      • Social Investments Tax Relief
      • Other claims
  • Calculated Gain/(Loss)
    • Calculated gain/(loss)’ this field will show the calculated gain or loss
    • Override the calculated gain?’ tick this box if you wish to override the gain calculated by Taxfiler
    • Net gain /(loss)’ if you have opted to override the calculated gain/(loss above, enter the required figure in this field.
  • Details
    • Address of property’ (only applicable when disposing of property) select ‘change address’ to choose the property address, refer to ‘change address’ support notes for further information
    • ‘Estimate or valuation used?’ tick the box if an estimate or valuation was used
    • ‘CG34 submitted?’ tick the box if a valuation was used and a CG34 has been submitted to HMRC. Note that Taxfiler does not produce a CG34.
    • Details of connected person’ If the disposal was to a connected person, enter their name

Computation:

This tab displays a Capital Gains computation based on the disposals entered for the year. If you have not entered any disposals for the year then the computation will show only a zero gain.

Downloading the computation,

You can download a PDF copy of the computation by clicking on the Download PDF button. You can also download a copy from the Review & File tab for the Tax return after you have prepared the tax return for filing.

Including the computation with the tax return,

                There are three options available, selected from a drop down list

                ‘Are you attaching a computation with this tax return?’  

  • NO – Not required’ No computation will be attached
  • YES – Auto-attach this computation’ Taxfiler will automatically attach its computation to the tax return
  • ‘YES – I have attached my own’ Use this option if you are attaching your own computation. You will need to attach the computation manually from the data input tab

Foreign Tax Credit & SWT:

  • Foreign Tax Credit Relief and Special Withholding Tax

Use this tab to enter details of foreign tax and SWT for CGT purposes. See HMRC help sheet-hs263-self-assessment for more information.

  • Amount of chargeable gain under UK rules’ enter the amount of gain that would be payable if the UK CGT rules were used to calculate the gain
    • Foreign tax paid’ enter the foreign tax paid on the disposal
    • Total Foreign Tax Credit Relief on gains’ enter the foreign tax credit relief claimed
    • Special Withholding Tax’ enter any UK tax withheld.