Multiple reporting periods within a tax year - for UK October 2024 CGT rate change
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C
Charcoal grey Harrier
The UK government has introduced a new rate for capital gains tax within the current tax year.
For higher rate tax payers
- 20% on any gain between 6th April 2024 and 29th October 2024
- 24% on any gain from 30th October 2024 onwards
For more details see https://www.gov.uk/capital-gains-tax/rates
I believe that we'll need to report separate capital gains values for these two time periods within the self-assessment form (still to see how that will work in practice, of course)
It would therefore be extremely useful if the "Complete Tax Report" and "HMRC Capital Gains Summary" PDFs for the 2024-2025 UK financial year could take that into account (I think, to show separate capital gains values for the different periods; almost treating them like separate sub-years)
Is Koinly aware of this and does it plan to update the reports accordingly?
It would be really useful if this could be documented in an article so that everyone can be well-informed
Thanks!
Workaround
For now, I can generate reports for each period by generating reports with custom dates - How to generate reports for custom dates
C
Charcoal grey Harrier
Thank you for working on this. It's really appreciated! I tried generating some new reports today for FY 2024-2025
In the one-page "HMRC Summary Report" PDF I can see that the gains have been separated out showing the net values for the two periods (before/after 30th October 2024) which is excellent
In the multi-page "Complete Tax Report" PDF it just shows the overall annual net capital gains value, without splitting it up between the two periods. My first thought was that it could be good to also show the separate values on the Capital Gains Summary page in that PDF - but maybe that would add a lot of noise and over-complicate the report.
If the details in the HMRC Summary Report will be enough information to be able to complete the online tax return then the update you made will be a big help. Thank you!
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C
Charcoal grey Harrier
This would be needed in time to complete the 2024-2025 UK tax return, so between April 2025 and January 2026 at the very latest.
If anyone has a suggestion or workaround to achieve this in Koinly already then please share it. Thanks.