The SA108 form can be used together with the SA100 form in the event that you have to notify HMRC of the tax you could be liable for from capital gains. Use the SA108 when you own any of these items with the purpose of making an income:

 

  • Shares that are not ISA

  • Tokens, or Crypto Currencies, (eg Bitcoin, Ethereum)

  • Jewelry, art and antiques

  • Stamps, collectibles and stamps

  • Property

 

Furthermore, you'll need to be taxed on capital gains for these. It is mandatory to pay taxes if you give the items mentioned above. (this is the usual practice when parents give their children a home or flat as a present). This is the information for 2022-23.

 

Why to Use the SA108 Form?

All of them will be taxed at the same rate as capital gains, excluding property with its specific taxation rate to CGT. One thing to be aware of when it comes to CGT for the property is that, from April 1st 2020, you'll have to calculate the amount, declare and pay CGT within 30 days.

It's also known in the form of "the Real Time Capital Gains Tax Service". It's currently mandatory for all sales of property.

 

Do I Need to Use It If I Submit My Self-Assessment Tax Return Online?

No. It is only necessary to complete an SA108 Form if you choose to fill out your self-assessment tax return in paper format. There are a few reasons to go with the online option instead of paper

The deadline for submitting an income tax return on paper is October 31. Tax returns due submitted online are three months later (January 31st). If you've committed mistakes it's easier to correct them. HMRC will receive it right away.

How to Use the SA108 Form?

The SA108 Formula on the HMRC website:

 

  • Choose the year that you'll need to fill out the form.

  • Download it

  • Print it

  • Fill it in

  • Add it on the SA100 ( the taxpayer tax form)

  • Send it to HMRC

 

If you do, make sure to download and have a look at the "Capital Gains Summary Notes" for the tax year that you're in. It's located on the same page accessible on the HMRC website. The PDF provides a description of each section on the SA108 form.





How Does a Tax Accountant Help?

Our tax professionals will assist you in obtaining tax relief. They are focused on making sure their clients' tax compliance throughout their financial lives. They'll help you with the many options available to you.