Tax return Question. Am I right there is no liability for ...

[clumsymum]

Some Standard Life shares which were issued to dh when they de-mutualised.

He chose to sell them, got a few hundred quid. But there is no liability for capital gains under £32,000 I think.

Is that correct?

Capital gains allowance is around 7K per person per year.

Would it not be dividend income? Am not sure but threshold for that is £34,600

oops, just realised that he sold them

The CGT allowance for 2007/08 is £9,200. Anything above that has to be considered, but I won't bother explaining how, because I guess you're not in that range?

You should probably still declare it if you do a tax return though. Don't know if you need to if you don't normally do one, but I don't imagine HMRC will be banging on your door!

Thanks hopefully. Yes we have to do returns, both company directors. So I need to fill in the CGT form for dh then.

I think there is an exemption from CGT disclosure if total proceeds on all CGT disposals are less than something like £12k in the year - it'll be on the guidance notes. but no harm in disclosing that bought/sold them for under the threshold

if there is no chargeable gain and proceeds are less than £32,500 then no need to disclose -> CS goes off to double check this.

can't find it - have you got a TR you can check on. Am almost certain though as we have chargeable gains below the annual exemption but the proceeds are abouve the £32,500 so I have to fill in the gains section - which means I can't do the returns online. Checked it out a few weeks ago, and still haven't done them.

here page 2, Qu 8 - assuming you don't tick any of the boxes (ie proceeds under £35,200 and gains under £8,800) then you don't need to complete.