Uk tax report Change required for 2024-25 to meet new rules

Koinly Support
1

Due to a change in the UK capital gains tax announce on the 30th October 2024 the current report will not meet the new requirements for the 2024/25 tax year.

In the UK budget they announced that CGT will increase from today which means the report needs to calculate Capital gains from the 6th April 2024 to the 29th October 2024 and the capital gains from the 30th October 2024 to the 5th April 2025. Basically tax year is being split into 2 different periods.

Can Koinly please implement the changes that are required for UK users in the next few months so it generates a repot with the correct information so we will be able to submit our tax returns in 2025.

2

Hi @Adrian_Mann1

I should first mention that the reports you generate in Koinly only show your Capital Gains P&L and the tax rates (20%, 24%…) need to be added by you at the time of filing your taxes.

With that being said, you can technically create reports with custom dates one from the 6th April 2024 to the 29th October 2024 and another from the 30th October 2024 to the 5th April 2025 and then apply the rates to the CGT separately.

With that being said, It isn’t really possible for us to know how this will be laid out on HMRC’s filing website until they open for filing in April, but we will implement the necessary adjustments as soon as we can.