Taxation Reporting on buying and selling shares

[Barlow08]

Have done a search but have not found specific answer to a query, clarification much apreciated.

I am going to buy a small amount of shares in about two or three UK FTSE shares. Now I know that if I make a profit I will be liable to CGT and if I make a loss I can offset it against gains. My question relates to reporting.

1. When I purchase the shares do I have to include the fact that I have purchased shares on my return .

2. When I am selling shares and if I have made a gain, on my tax return do I just have to put in the amount of gain OR do I have to also state the date when I bought the shares and the number of shares bought.

Thanks

 

[Graham_07]

If you are filing [broken link removed] Tax Return you will see at Section 64 the items required. On F12 only disposals are required not acquisitions.

If you are filing [broken link removed] Tax Return you will see from line 801 onwards that both disposal and acquisitions are required to be declared.

 

[Barlow08]

Thanks Graham


One other question is that I was a PAYE worker up until 2006, however I had to leave work to mind a relative and have been able to live off savings since, no other income apart from a carers allowance which I declared in my return last October for the period 2006. Therefore this October I am declaring the 2007 amount. This year I have been sent a Form 11 by my accountant, lasy year I sent in a short version Form, can't recall which one my accountant sent in for me.Now I also have a small shareholding already which I bought back in 2004, this year I have received a small dividend 8 Euro, which I will declare, but on the FORM 11 I can see where it says Acquisition information for 2007, however I acquired these shares back in 2004, but as a PAYE worker back then I never declared I had bought shares, what do I do?

 

[Graham_07]

Thanks Graham
on the FORM 11 I can see where it says Acquisition information for 2007, however I acquired these shares back in 2004, but as a PAYE worker back then I never declared I had bought shares, what do I do?

The F11 acquisitions are only for 2007 acquisitions. You can have disposals in 2007 of earlier acquisitions, thats not a problem. you can do nothing regarding declaring in 2007 the 2004 acquisitions. You could put a note on the form just to clarify it if you wished. Ultimately the acquisitions fields on the form are to give Revenue an idea of what might be coming down the tracks on future returns.

 

[Barlow08]

The F11 acquisitions are only for 2007 acquisitions. You can have disposals in 2007 of earlier acquisitions, thats not a problem. you can do nothing regarding declaring in 2007 the 2004 acquisitions. You could put a note on the form just to clarify it if you wished. Ultimately the acquisitions fields on the form are to give Revenue an idea of what might be coming down the tracks on future returns.

Thanks for the replies Graham.