Share Sale Proceeds - HMRC briefing
HMRC have shared the following briefing on Share Sale Proceeds:
HMRC are reviewing the position for a number of taxpayers where their information shows that those taxpayer disposed of shares in 2019/20, but the disposal figures declared on the individuals’ Self-Assessment return differs from disposal figures declared by the purchasing company.
The taxpayers identified through this project have declared a sale of their shares on their Self-Assessment return, however the figure used for the disposal amount differs from that given by the purchasing company.
HMRC will send a letter to individuals in this population to advise the recipient that HMRC information shows that they have disposed of shares, but this may not have been reflected correctly on their Self-Assessment Return.
Those taxpayers will be asked to check their 2019/20 return and if there has been an error to submit a disclosure using the Digital Disclosure Facility – details of how to access this will be included in the letter. If they are happy that the information held is correct, HMRC are asking for an email to be submitted confirming this. If customers do not respond, HMRC will consider their cases further and may issue discovery assessments if they still believe tax to be due.