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.
- Are these gains from disposal of excluded indexed securities? – tick this box if the gains arising are from the disposal of a excluded indexed security. The amounts included here will exclude the effects of any losses or reliefs. (This option is for types Listed and Unlisted shares and securities and Other property, assets and gains from 2022/23).
- Are these gains/(losses) from QAHC share repurchases and security redemptions? – tick this box if the gains or losses arising are from share repurchases and security redemptions. The amounts included here will exclude the effects of any losses or reliefs. (This option is for types Listed and Unlisted shares and securities and Other property, assets and gains from 2022/23).