Yeah that doesn’t work if you have a large portfolio that doesn’t all fit into an ISA. Freetrade need to sort it out!
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I’m quite new to Freetrade and I’m quite shocked that something as basic as this isn’t available, especially as people have been asking for it for years.
One of the threads I looked at on this subject was closed because they didn’t like what was being said, they did say that it was on the roadmap but that was six months ago and this should have been a priority.
As I’m new I so far haven’t any capital gains and dividends have been pennies but I’m self employed so I really need records of everything.
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This is a basic requirement for a stock trading app, has been a requested feature for years, and I struggle to understand the reluctance to implement it. Workarounds such as requesting a poorly formatted .csv via support or ‘use an ISA’ are feeble at best for an app with 1m+ users.
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As far as I am aware Freetrade don’t do roadmaps anymore.
This is what they said when closing
"CLOSED ON 21 AUG '21
Too many rule 1 and 2 violations. The requested feature is on the roadmap, we will revisit it after immediate priorities."
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FreeTrade needs to do something about Tax report like other trading platforms do for GIA.
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Dear Free-Trade Investors,
As we all know the Tax year has ended and new Tax year has started, but Free-Trade as beta as it feels still doesn’t have basic investor options for the user to have. Let me explain…
Why on earth doesn’t Free-Trade have a Tax Report for GIA account??? This is so basic knowledge for a trading platform to have right. Vanguard, Trading 212 and other investing platforms have this, why not Free-Trade???
How on earth are you supposed to keep record of all sales you have done in the Tax-Year to see if you are above the CGT (Capital Gain Tax) allowance. And if you are above the CGT you need to report this to HMRC with evidence. What evidence can you provide with Free-Trade of your calculations as they don’t do a Tax Report.
I am very disappointed that this feature is not in Free-Trade, please Free-Trade make a Tax Report for investors using your app!
Please vote this if you agree if Free-Trade must do something about this ASAP! As its all great if you have a ISA account as you do not need to report to HMRC however if you have GIA and go above allowance then you do!
Please lave a comment about your thoughts on this and vote this post if you agree or even disagree.
Thanks.
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Hi @danielm175
Welcome to the community. You’ll find it easier if you search before starting a new thread, this is an idea that has been suggested and discussed by the community for sometime.
Yes I have seen this, but my question would be why has FreeTrade not done anything about this 
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That would be the $64,000 dollar question, it’s not something we’ve seen the FT team address.
Are you able to get the data you need from the monthly statements? Alternatively are able to make the most of your ISA allowance?
I am wondering how you would work this out.
If you ask free trade for a statement from April 2021 to April 2022 they will send you all your transaction history.
Now let’s say you bought like 80 shares of apple that would come up on the statement throughout the year you bought it for. However when you come to sell let’s say 1 or 2 shares it just tells you the share price you sold it for.
So from the transaction history how are you suppose to work out what you bought that 1 share you sold for when you bought loads of shares thought out the year ?
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All transactions are carried out on a FIFO basis, first in first out. Shout out to anyone else in the community - has anyone built an Google sheet they could share the template for?
So are you saying there is a template of some kind which automatically works out your GIA capital gain tax form from the transactions free trade give you ?
That only applies int he first 30 days. after 30 days they’re considered pooled and theres no difference in when shares are brought (unlike the US as I understand). this is called a section 104 holding.
from the gov.uk site:
How to identify the shares disposed of
When you dispose of shares you cannot work out your capital gain or loss until you’ve matched the shares disposed of with shares you acquired. You’re treated as disposing of shares in the following order:
| Description | |
|---|---|
| First | Shares acquired on the same day as the disposal (the ‘same day’ rule). |
| Second | Shares acquired in the 30 days following the day of disposal (the ‘bed and breakfasting’ rule) provided the person making the disposal was resident in the United Kingdom at the time of the acquisition. |
| Third | Shares in the Section 104 holding. |
Shares fall into a section 104 holding for each share class, for each company. and are pooled and treated as if bought as the average cost of all shares in the 104 holding.
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So is this is how to report for tax purposes and Freetrade still uses FIFO regardless of the purchase sale window?
You learn something new everyday - thanks @Eden
@danielm175 i wanted to see if anyone had built something they’d share to save you the leg work. Many have adopted an ISA to avoid this problem as it stands.
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Ive not needed to report tax on a GIA yet, but as I understand it, after 30 days your stocks are considered a 104 holding. how Freetrade manage the buy and sale of stocks becomes irrelevant for these stocks as their averages are all that matter for the purposes of tax. only those initial 30 days of buy and sells changes things. but ive not dig unto specific examples to understand it fully as its not affected me..
it seems a common question, I don’t think its well known, but as I understand it the US still has a tax system that treats all stocks as linked to their initial buy? which is maybe where people get the idea from.. ive seen some US systems where you can pick the individual specific shares you want to sell because of this. but in the UK its largely irrelevant now.
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That is correct. The tax free capital gains allowance is actually 12 300£. The dividend one is a you wrote £2000.
So, most people will never have to report anything to HMRC.
If you never have to report anything to HMRC then maybe best choose a different, more profitable investment strategy 
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Nah, most people are just not rich.
The median wealth in the UK per person is around £125 000. With an average long term market return of 7%, you’d still only make around £9000 in capital gains (even less to be taxed when including likely ISA usage).
So it’s just statistics that the majority of people will never have to report anything to HMRC - especially when using tax wrapper products.
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So in simple term if people let’s say Elon Musk or professional investors who invests millions and billions of pounds. They would not use platforms like Free-Trade for this reason as they cannot provide any sort of Tax report form or anything to show HMRC?
In my head it just doesnt make sense… As like mentioned before Vanguard for GIA account, Tradings 212 for GIA all have tax reports which they show there clients at the end of the year. So why doesnt Free-Trade offer this