Jenni Davie looks at the reporting of capital gains outside the self-assessment regime.
HMRC’s real-time capital gains tax reporting service launched in April 2023 and is aimed at individuals not currently in the self-assessment system.
This service allows those individuals to report their gains and pay outstanding tax in real time, omitting the former requirement to complete a tax return.
Gains on personal assets
The real time reporting service is an optional service available to UK residents who have chargeable gains arising on the disposal of personally held assets. This includes shares and other investments, but currently does not include gains on life insurance policies.
Gains on personal items with a lifespan of over 50 years (e.g., paintings, jewellery and antiques) are required to be reported where
