Consolidated Tax Certificate

Hi there,
Does anyone know if the Consolidated Tax Certificate issued by Trading 212 is calculated in line with UK Capital Gains Tax matching rules for share disposals?

Thanks

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I don’t know. But it would be difficult to do this reliably for all investors. Trading 212 would have to assume you hold no other shares of the company on other platforms.

The Consolidated Tax Returns I receive from other brokers make no attempts to calculate taxable gains. They just give a raw gain for the position and I am left to do my own calculations in line with HMRC rules.

Hi Richard,
Thanks for replying. Is the consolidated tax certificate not enough for a self assessment return then? How far out will it be?

My biggest issue is I’ve done hundreds of transactions on CFDs and probably at least 100+ on my invest account as well in this tax year. Do I really need to go through each transaction to match them up??? I wouldn’t know where to start with regards to Section 104 holdings etc.

I am not Trading 212 staff and have not been a client long enough to know what their end of UK tax year Consolidated Tax Certificate looks like.

Are your capital gains going to exceed £12,300?

Can you read and understand the HMRC rules well enough that you can do the calculations yourself with the aid of a spreadsheet? I think many people should be able to manage it.

Do you need to hire a tax accountant?

How big a fish are you? Suppose your tax return has mistakes. Probably HMRC will forgive, if they ever notice. But would a 100% penalty imposed by HMRC for carelessness be a disaster for you or simply a learning experience?

Probably there exists software that can help. But I just use Google sheets to diary all my transactions and keep track of Section 104 basis costs.

Hi Richard
Thanks for coming back to me.

I wouldn’t say I’m a “big fish” but I made some nice money on CFDs before I got nervous about losing it all. I’ve then made some nice gains just on a standard account. My gains are definately in excess of £12300, not 6 figures but significantly more than the allowance.

I might need an accountant but I’d rather do it myself. I’m trying to get my head around the HMRC guidance but I think I need a record of all my transactions first. I think I’m going to have to manually input every one from daily statements sent since the 6th April this year, a mammoth task!!! But I’ve got till Jan 2022 to do it so I have some time. Lol

I’d happily rely on the statement from 212 if I knew it would cover me but you don’t sound sure so I think I may need to do some further digging. Maybe I’ll email them directly for some guidance/confirmation on what their tax certificate covers.

Thanks again.

Instead of using the daily statements, you can copy/paste from the monthly statement into Excell.

Good point. Thanks Alien.

Copy and pasting from pdf to excel never works great though. Just a proper ball ache!!!

Can’t believe they can’t generate statements in excel, CSV, etc.

you might be able to use this…

It is not PDF, it is a table and will fit easily in an Excel sheet. Tried and tested!

the good old “helper sheet” provided by HMRC while filling self assessment online is good enough for this actually.

Perhaps a dumb question. I am curious what you mean by “helper sheet”? Do you mean the capital gains worksheet? The problem I find that is that these worksheets become very tedious to complete, one for each disposal, if you have many disposals. It is easier to present all the same information in a single spreadsheet and include it to the “Add attachments” section.

By the end of the year, I will have more than 2000 transactions, I’m sure my accountant will not enter them one by one in the HMRC sheet.

yes, I do mean that, I usually have less than 20 transactions to report on cap gains so I find it rather handy, I attach a spreadsheet for short term trades(which unfortunately land as income tax) of which I have thousands. due to nature of option trading, you report each “leg” of an option as a trade which is rather stupid and painful.