This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

CGT

temple
Posts: 11
Joined: Wed Aug 12, 2015 11:36 am

CGT

Postby temple » Tue Nov 20, 2018 11:15 pm

My wife and I purchased a property that we lived in as our main home for several years and which we later rented out. We now plan to sell it and are concerned in respect to any CGT on its increase in value over the years.
Our accountant has calculated that the years of occupation as a main home, coupled with two yearly CGT allowances more than cover any capital gain liability arising from the years of letting.
Although there is no CGT to pay, Is there nonetheless a requirement to report the transaction to HMRC

maths
Posts: 7528
Joined: Wed Aug 06, 2008 3:25 pm

Re: CGT

Postby maths » Wed Nov 21, 2018 8:56 pm

Where the aggregate capital gains made in the tax year exceeds the annual exempt amount or the consideration received on all disposals in the tax year equals or exceeds 4 times the exempt amount must report the gains (whether a CGT charge arises due to lettings relief etc).


Return to “Capital Gains Tax, CGT”

cron