Taxes Management Act 1970 section 12

Information about chargeable gains

Section 12 requires certain persons who are not otherwise required to make a tax return to notify HMRC when they have made chargeable gains (capital gains) in a tax year.

• A person who has not received a notice to file a tax return, but who has made chargeable gains in a year of assessment, must notify HMRC of those gains.
• The notification must be made within six months after the end of the year of assessment in which the gains arose — that is, by 5 October following the end of the tax year.
• This obligation does not apply where the person has already been asked to complete a tax return covering the relevant year, since the gains would be reported through that return.
• The requirement ensures that HMRC is made aware of capital gains even where the taxpayer is not within the self-assessment return process for that year.

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