Taxes Management Act 1970 section 8C

Returns so far as relating to capital gains tax

Section 8C provides a simplified reporting route for capital gains tax where a person's gains and disposal proceeds fall below certain thresholds, allowing a confirmatory statement instead of full capital gains tax details on the self-assessment return.

• Where chargeable gains do not exceed the annual exempt amount and total disposal proceeds do not exceed £50,000, a simple confirmatory statement can replace full capital gains tax reporting
• The person must not be taxed on the remittance basis for the year in question
• A chargeable disposal means any disposal except those where the gain is not chargeable and transfers between spouses or civil partners
• If all conditions are met and the person confirms them in a statement, this counts as sufficient compliance with the return requirement for capital gains tax purposes