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The Capital Gains tax-free allowance for 2019-2020 is £12,500. Do I need to send HMRC a Self Assessment tax return if I made less than this amount?

Or, if I only have losses to report, do I have to report them now to be able to use them in future years?

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As per this GOV.UK document, it seems that the answer is no, unless you sold assets worth more than 4 times the allowance, so £50,000 in the 2019-2020 tax year:

You do not have to pay tax if your total taxable gains are under your Capital Gains Tax allowance.

You still need to report your gains in your tax return if both of the following apply:

  • the total amount you sold the assets for was more than 4 times your allowance
  • you’re registered for Self Assessment

Then, as per this other GOV.UK document, losses needn't be reported right away:

You do not have to report losses straight away - you can claim up to 4 years after the end of the tax year that you disposed of the asset.

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  • Just to be clear, so you would report, even if it is below allowance, if the amount sold is 4x the allowance. However, if the gain is over the allowance, then you have to report anyway. Is that correct?
    – SpaceMonkey
    Dec 4, 2022 at 12:41
  • Yes, that is right.
    – Paul Razvan Berg
    Dec 4, 2022 at 16:41

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