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Tax

Overview

The tax section shows you the result of the latest tax calculation, broken down by tax year and by asset. The tax year reports are intended to be used to help you fill in your self assessment, while the asset sections are to make it easier to understand the full history of a given asset without having to reference multiple yearly reports.

The tax calculation is done in full every time system data changes. The data version and the generation date are shown at the top of the tax section.

Warnings

Warnings are potential issues that the system has identified that you should be aware of. They are not errors and how important they are can vary, but you should take note of them and fix them as you deem necessary.

Calculation Errors

When the tax calculation encounters an issue that the system cannot resolve or ignore, then the calculation will fail and a description of the issue(s) will be shown. You'll need to go fix the issues and then when you browse back to the tax tab (or view the another section that references tax data), the calculation will be re-run.

If you have errors relating to transactions, you can find the offending transactions by going to the Transactions section and filtering for the issue(s) you see. You can do this by clicking on the 'Filters' heading near the top of the page and selecting "Invalid Transactions" and clicking the "Apply" button.

Summary

The summary gives you an aggregate view of your tax position that you can use directly on your self assessment by summarising the chargeable disposals and income events.

Capital Gains

  • Number of disposals: the number of chargeable disposals in the period, counting at most one disposal per day per asset (The CGT events table breaks out each disposal into its match types but all of these events on the same day are counted as one disposal)
  • No Acquisition Disposals: the number of no acquisition disposals
  • Disposals proceeds: the sum of all proceeds from chargeable disposals
  • Allowable costs: the sum of all consideration paid for acquisitions and expenses for acquisitions and disposals for disposals that were chargeable
  • Gains, before losses: the sum of all chargeable disposals that made a gain
  • Losses: the sum of all chargeable disposals that made a loss. Where multiple tax rates are applicable, this field shows the losses that occurred in the specified time period and not how the losses should be used (see below).
  • Chargeable gain: The chargeable gain is the difference between the disposal proceeds and the allowable costs (or the sum of gains before losses minus the sum of losses, they are the same). It is presented as a single number, even for years where multiple tax rates are applicable, such as 2024-2025. The reason for this is that you can use your capital losses in the way that is most beneficial to you irrespective of the tax rate for any individual gain (see CG21500). The system does not currently support allocating your losses to a specific tax rate so the gain is presented in aggregate for informational purposes.

Income

The income section is split into UK and non-UK to align with your self assessment.

  • Company Dividends: Box 4, dividends in the system where the underlying asset is a stock and the tax country is the UK
  • Other Dividends: Box 5, dividends in the system where the underlying asset is a UK fund
  • Untaxed Interest: Box 2, interest from UK funds or UK source unattributed interest where no tax is withheld
  • Taxed Interest: Box 1, interest from UK funds or UK source unattributed interest where tax is withheld.

The non-UK section of the income section breaks up all dividends and interest by country and by the rate of any tax withheld. The reason for this is that there may be a max tax rate that you can claim under a double tax treaty and if you had some income taxed below that rate and some above it, the blended average may cause you to claim more than you are entitled to. Note that rates are grouped to the nearest 0.1%. The countries are listed using the official HMRC country codes (ISO 3166 alpha3).

  • Dividends: all dividend events that do not have a UK source tax country
  • Interest: all interest events that do not have a UK source tax country

Capital Gains Events Table

The capital gains events section shows all events that affect your holding of shares or capital gains tax and is sorted by date. All event rows can be clicked to see the details and source transactions of the event.

Columns

  • Type:

    • Acquisition: an acquisition of the asset
    • Disposal: a disposal of the asset
    • Small Disposal: a small disposal as per TCGA92/S122 (2)
    • Equalisation: shows the reduction in cost basis to a holding from equalisation. It is applied on the ex-date.
    • ERI: shows the increase in cost basis to a holding from excess reportable income (ERI). It is applied after the last day of the reporting period.
    • Share Reorg: shows the change in quantity of shares in the holding from a share reorganisation.
    • Accumulation: shows the increase in cost basis to a holding from a notional distribution from an accumulation fund. It is applied on the ex-date.
    • Form S104: this event shows the formation of the section 104 holding on April 6, 2008.

  • Date: The relevant date for the event.

  • Chg Date: "Charge date" the date the event is charged to tax, empty for events that don't create a liability, and "not taxed" for liable events that are not charged to tax (e.g. due to non-residence). Typically this is the same as the Date, but events during a period of temporary non-residence can lead to liability accruing on the date of return.
  • Res: "Residency" - your residence status on Date
    • R: resident
    • NR: non-resident
    • TNR: temporary non-resident
    • R(s): UK part of split year
    • NR(S): non-UK part of split year treated as non-resident
    • TNR(S): non-UK part of split year treated as temporary non-resident
  • Match: the share matching/identification rules used to identify the acquisition for the disposal.
    • SD: same day
    • BnB : bed and breakfast with acquisition on date
    • s104: section 104 holding
    • LIFO : last in first out, only applicable from 1998 - 2008
    • s105 : disposals matched with future acquisitions that are not matched by the same day or BnB rules according to TCGA92/S105(2) or CG51555 - order of identification point 4
    • NO ACQ: no acquisition found so there's probably an issue with your data, but the system generates a disposal that has a cost basis of zero, resulting in the whole of the proceeds being treated as a gain.
  • Qty: "Quantity" - the gross number of shares involved in the event
  • Proceeds: the gross proceeds from a disposal or income event
  • Cost: the gross cost basis of the shares involved in the event
  • Exp: "Expenses" - the gross allowable expenses for the event where they are tracked separate from the cost. In particular, a s104 holding tracks the total cost basis and does not separate out expenses so the cost will include expenses from the acquisition, but the expenses column will include the expenses from the disposal. Conversely, in a BnB or LIFO match, these are matched against a specific acquisition so we can account for the acquisition expenses and in this case the expenses column will include the expenses from both the acquisition and disposal.
  • Gain: the gross gain from the event
  • Chg Gain: "Chargeable gain" - the gain chargeable to tax. Typically the same as the gross gain, but during temporary non-residency, a disposal can involve the disposal of assets acquired while both resident and temporary non-resident and in that case only part of the gain is chargeable to tax.
  • Holding: The holding columns refer to the share holding at the time of the event is the section 104 holding from Apr 6, 2008, but is the 'sum' of all acquisition between Apr 6, 1998 - Apr 5, 2008 as a sort of 'LIFO' holding. For most events the affect on the 'LIFO holding' will be to match with the specific acquisition identified, but for some events such as a part disposal, the change will be applied proportionally to all acquisitions.
    • ΔQty: the change in the holding quantity
    • ΔCost: the change in the holding cost
    • Qty cf: "quantity carried forward" and is the quantity of shares in the holding after the event
    • Cost cf: "cost carried forward" and is the cost basis, including allowable expenses, of the shares in the holding after the event
  • Note: any additional information

Income Events Table

The income section shows you all events that increase or reduce your income plus any events that would normally be subject to tax, but are not taxed. All event rows can be clicked to see the details and source transactions of the event.

Columns

  • Type
    • UK Dividend: income that has been classified as a UK sourced dividend
    • UK Untaxed Interest: income that has been classified as a UK sourced interest that has not had any tax withheld
    • UK Taxed Interest: income that has been classified as a UK sourced interest that has had tax withheld
    • Non-UK Dividend: income that has been classified as a non-UK sourced dividend
    • Non-UK Interest: income that has been classified as a non-UK sourced interest
  • Payment Type
    • Real: income you actually received
    • Notional: income accruing to you, but not received, such as accumulating funds
    • ERI: excess reportable income
    • Equalisation: the amount received as equalisation, which could be real, notional, or ERI. All income events are not adjusted for equalisation and the equalisation amount is a separate line item that reduces your overall income. Each income event that equalisation is offset against will produce its own event.
  • Date: the date of the income event
  • Chg Date "Charge date": the date the income is charged to tax or "not taxed" if the income is not taxable
  • Res "Residency": see info in capital gains event for the residency column
  • Gross: the gross GBP value of the event
  • WH Tax: the GBP value of any tax withheld for the event
  • Country: the country the income is from and that withheld any tax
  • Rate: the tax rate of the withholding tax
  • Net: the net GBP value of the event after tax has been withheld