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Where Taxpayers and Advisers Meet

Do I need to file a tax form

dotto
Posts: 51
Joined: Wed Aug 06, 2008 3:16 pm

Postby dotto » Sun Apr 06, 2008 10:42 pm

I sold a property 2007-2008 which had been rented out. This was sold at a loss because of last year's flooding. March 2008 I sold half of another property I rent out in order to take advantage of taper relief and also to claim the loss on the first property against the gain on the second property. My calculations have resulted in there being no capital gains tax due. Do I still need to complete and submit a capital gains tax form to the Inland Revenue notifying them of my calculations.

Thankk you for any advice you can offer.

wamstax
Posts: 1879
Joined: Wed Aug 06, 2008 3:39 pm
Location: Operate Nationally but based in Aberdeen
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Postby wamstax » Sun Apr 06, 2008 11:43 pm

I assume that half a property being sold would be to a connected party of yours e.g. partner or lineal descendant or ancestor and you would be safest to file one. You would be required to file a form if the sale proceeds were over about £34K anyway.

this link might help you further
http://www.hmrc.gov.uk/worksheets/sa108-notes.pdf
Hope this helps
bill@wamstaxltd.com
http://www.wamstaxltd.com
regards and hope this helps
http://www.wamstaxltd.com
Operates Nationally with competitive costs
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