Funds Insider - Opening the door to funds

Welcome to the Citywire Funds Insider Forums, where members share investment ideas and discuss everything to do with their money.

You'll need to log in or set up an account to start new discussions or reply to existing ones. See you inside!

Notification

Icon
Error
Reporting Gilt Interest to HMRC
+ Reply to discussion
Options
Shetland
Posted: 11 February 2025 11:30:38(UTC)
#1

Joined: 13/03/2015(UTC)
Posts: 1,244

Thanks: 927 times
Was thanked: 1533 time(s) in 650 post(s)
I have the following questions relating to what I need to report to HMRC in respect of the gilts I have held for over a year.

They are not held in a wrapper so the interest is taxable, I know the capital gains are not taxable

I purchased T26 on 24/7/2023 and sold it on 7/8/24 and bought it back again on 8/8/24 in another account in the same name. I had interest in that time and when I purchased and sold there was a clean price and a dirty price.

How do I report this to HMRC, do I simply report the actual interest payments or do I need to add anything for the accrued interest in the purchase price ? If so, how do I calculate this ?

Many thanks
Back to top Quote
1 user thanked Shetland for this post.
Sara G on 11/02/2025(UTC)
Sara G
Posted: 11 February 2025 11:55:18(UTC)
#2

Joined: 07/05/2015(UTC)
Posts: 4,042

Thanks: 13081 times
Was thanked: 16855 time(s) in 3511 post(s)
Shetland, have a look at the contract notes for your purchases - the accrued interest should be separated out. I assume the same goes when you sell (though I have not sold any Gilts and don't plan to).
Back to top Quote
1 user thanked Sara G for this post.
Shetland on 11/02/2025(UTC)
Shetland
Posted: 11 February 2025 12:53:14(UTC)
#3

Joined: 13/03/2015(UTC)
Posts: 1,244

Thanks: 927 times
Was thanked: 1533 time(s) in 650 post(s)
Sara G;333915 wrote:
Shetland, have a look at the contract notes for your purchases - the accrued interest should be separated out. I assume the same goes when you sell (though I have not sold any Gilts and don't plan to).


Thanks

When I purchased it the accrued interest was £35.38. A few months later, in a different tax year I received interest of £137.34. When I sold it the accrued interest was £64.94

What is the calculation for the taxable interest I should inform HMRC of ?
Back to top Quote
Thrugelmir
Posted: 11 February 2025 13:03:19(UTC)
#4

Joined: 01/06/2012(UTC)
Posts: 5,329

Thanks: 3258 times
Was thanked: 7886 time(s) in 3267 post(s)
Shetland;333932 wrote:
Sara G;333915 wrote:
Shetland, have a look at the contract notes for your purchases - the accrued interest should be separated out. I assume the same goes when you sell (though I have not sold any Gilts and don't plan to).


Thanks

When I purchased it the accrued interest was £35.38. A few months later, in a different tax year I received interest of £137.34. When I sold it the accrued interest was £64.94

What is the calculation for the taxable interest I should inform HMRC of ?



Have a read,

https://www.gov.uk/gover...crued-income-scheme-2021
Back to top Quote
3 users thanked Thrugelmir for this post.
Sara G on 11/02/2025(UTC), Shetland on 11/02/2025(UTC), GARRY TAYLOR on 11/02/2025(UTC)
+ Reply to discussion

Markets

Other markets