How do I use untied for capital gains or losses? And what's a capital gain anyway?
Capital gains and losses are supported in untied through forms.
In the untied mobile app
You can find capital gains in the app by navigating to: Taxes > Prepare your Tax Return > Income Details > Capital Gains
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In untied Pro in the browser
Capital gains can be found via Tax Forms > Schedule SA108 - Capital gains
What's a capital gain or loss?
If you buy something valuable (which could be property or an investment) and then sell it, you could make a profit or loss. The something valuable is a capital item. And the profit or loss is a capital gain or capital loss.
A capital item could be shares, a painting or a property (but not usually your main home). If it could be subject to capital gains tax, then it is called a chargeable asset.
It is not stuff that you buy and sell as your trade.
Do capital gains or losses appear on my tax return?
There are lots of exemptions that mean that for many people capital gains won't appear on your tax return.
You will pay capital gains if your gains exceed an "annual exempt amount". This has been reduced significantly over the course of the last few years.
| Tax year | Annual exempt amount (for individuals) |
|---|---|
| 2024/25 | £3,000 |
| 2023/24 | £6,000 |
| 2022/23 | £12,300 |
| 2021/22 | £12,300 |
| 2020/21 | £12,300 |
Even if your gains are below this amount, you need to report your gains in your tax return if you're registered for self assessment and the total amount you sold the assets for was more than £50,000 (from 2023/24)
Note: what is a chargeable asset?
- most personal possessions worth £6,000 or more, apart from your car
- property that’s not your main home
- your main home if you’ve let it out, used it for business or it’s very large
- shares that are not in an ISA or PEP
- business assets
What's this got to do with capital allowances?
A word to the wise. Don't get confused by the language.
For most of your assets, capital gains and capital allowances have nothing to do with each other.
Capital allowances relate to long term things used in a business, like plant and machinery and are a way of spreading the cost of the purchase for tax purposes. Come to the wrong place? Capital allowances are here.