Capital Gains - Sale of Shares

[butterflycatcher]

Hi,

I'd really love some help or advice on completing the self assessment for the sale of shares.

This is for the year 2023-2024 when the threshold for capital gains was £6000.

The below figures are illustrative:
If I sold shares with gains totalling 20k do I only enter the information for the gains worth 14k into the self assessment or do I have to declare the whole sum?

I have entered everything and it is taxing me on the whole 20k and asking me to pay £4000. I thought it would deduct the 6k allowance and then only tax me 20% on 14k i.e. £2800.

Thank you.

When you said you filled in everything have you put in the acquisition costs too? I find the shares part of the self assessment quite confusing.
The best thing to do is have a separate spreadsheet with the date of sale, number of shares sold, acquisition costs, sale proceeds and then gain.
Remember also when you do the calculation for your tax at the end it's based on everything not just rhe shares element so you can delete the shares and then do rhe calculation part to check if there's something else affecting your tax

@Whyherewego i have put in the purchase and sale prices and then the gain. There are multiple transactions. I'm just wondering if i should only be entering the transactions for the gain beyond 6k.

Ah if you have multiple transactions then you need to do it all on a separate sheet.
You definitely need to put all transactions not just the ones over the threshold

Is some of it being taxed at the higher rate? CGT on shares is only 20% to the extent that you have some basic rate band left. If for example, £8K of the gain is being taxed at 20% = £1,600, then £6K at 40% = £2,400, so £4,000 total.

Sorry, having a senior moment. It's 10% BR and 20% HR, so your max CGT will be £2,800, unless you made other gains?

Thanks @Haver74 it will all be at the higher rate. I will submit my own worksheet and hope for the best 😂