This tab allows for the creation of detailed disposals made in the tax year. For help in respect of the other areas within Capital Gains click on the links below:
- Gains summary
- Real Time Transaction Tax returns
- Capital losses
- Foreign Tax Credit & SWT
Note: Do not create individual disposal records here in respect of disposals under the Non-Resident Capital Gains Tax regime. Enter total gains in respect of such property disposals in the Non-resident Chargeable Gains Tax (NRCGT) on UK property section on the Gains Summary tab.
Adding and editing disposals
- To add details of a disposal – click Add disposal.
- To edit a disposal – click on its description.
- To delete a disposal – click on its description to edit it and click Delete disposal.
After clicking + Add disposal a new window will open which needs to be completed.
- Brief description of asset – enter a brief description of the asset being disposed.
- Type of asset – select from the drop-down list the type of asset being disposed:
- 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.
- 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.
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.
You may enter any number of reliefs claimed.
- Description – enter a brief description of the relief (for example, Personal Private Residence Relief)
- Amount claimed – enter the amount of relief claimed.
- Type of claim/relief – this field is only available for individual Tax Returns from 2015. Select the type of claim or relief from the drop-down list.
To delete a line from a grid, click the ‘trash can’ button at the end of the line.
- 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, enter the required figure.
- Address of property – this field is only shown when disposing of property. Click Change address to choose the property address. Read more.
- Qualifies for
- Business Asset Disposal Relief? (previously Entrepreneurs’ relief) – tick the box if the disposal qualifies for the relief. Current guidance from HMRC suggests that the Type of claim/relief (above) should be set as Unlisted shares and securities or Other Assets when claiming this relief.
- Qualifies for Investors’ Relief?
- 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 currently produce a CG34.
- Details of connected person – if the disposal was to a connected person, enter their name.