SolvedCH14650 | Record Keeping: How long must records be retained for: Capital gains or losses
From HM Revenue & Customs · Compliance Handbook
A capital gain or capital loss arises when a person sells or otherwise disposes of a chargeable capital asset. The person will need to keep and retain records that will enable them to make a correct and complete return of the capital gain or capital loss for capital gains tax or corporation tax purposes.
Records that support the calculation of the capital gain or loss include documents relating to
the disposal, for example contract for sale or lease, valuations
the acquisition, for example contract for purchase or lease of the asset
the cost of any improvements made to the asset during the period of ownership
the calculation of the gain or loss, for example any valuations.
Depending on the nature of the asset, other records may be appropriate. For example
details of the use of a property for principal private residence relief
notifications sent to us about a principal private residence
calculations of previous roll-over relief that affects the cost price of the asset
held over gains on the acquisition of a depreciating asset
details of renting out of a property for the purposes of determining the tainting of Business Asset Disposal Relief
details of tenants of previously owned commercial properties for the purposes of determining past taper relief.
The person should retain records relating to the acquisition and improvement of a chargeable capital asset for the appropriate length of time following the period in which the asset is disposed of. These periods are set out in