Do I need to submit a Tax Return

by **noviceontax** on Wed Jan 25, 2012 2:29 am

I hope this helps and I'm grateful for all of your continued analysis.

The figures quoted are 'my' 50% share - i.e. I have already divided the valuation and disposal figures in two.

The house was empty for the period I was not there - it was not occupied by anyone or rented out - it was just empty.

Thanks again.

by **pqtaxation** on Wed Jan 25, 2012 11:21 am

If your figures related only to your 50% interest then you double the values in my previous post.

You do have no CGT to pay. But you are required to make a self-assessment return for 2010/2011 even though no income or CG taxes are payable. You’ll need to register on-line today and might just receive your log in number by 31 Jan to allow you to file electronically by 31 Jan to avoid the £100 penalty for late filing. If you were not the executor and no IHT was payable on your father's estate, you should get a copy of the valuation(s) that justified the probate valuation.

Your co-owner(s) may also have to file a return and may have CGT payable if no PPR relief is available.
Do reflect actual sales costs.