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Where Taxpayers and Advisers Meet

When CGT declaration required tax/years 19/20 & 20/21

rab_c_nesbitt
Posts: 18
Joined: Wed Aug 06, 2008 3:27 pm

When CGT declaration required tax/years 19/20 & 20/21

Postby rab_c_nesbitt » Wed Feb 26, 2020 11:55 am

Bought a property, rented out, Scottish Highlands, cheap, £32k in 2000. Sold this tax year, Date of entry 21/02/2020, £105k (3 beds, views of sea lochs, mountains, within 50 mtrs of stream). Various buying and selling expenses: 1st time ever selling a house that I’d not always lived in.

Am I right that this should be declared with the normal SA return, for tax year 2019/2020, by 31/01/2021?

I am also in process of selling off a further two houses in Scotland, and plan another during tax year 2020-2021. Am I right in think if this happens the CGT need computing and declaring within 30 days of sale ? (So perhaps declared before sale before the 1st, 2019-2020, sale?).

Date of sale in Scotland for tax purposes. Am I right in thinking that is date missives are concluded rather than date of entry when the money changes hand and new owners can move in please?

Regards & thanks in advance

pawncob
Posts: 4485
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: When CGT declaration required tax/years 19/20 & 20/21

Postby pawncob » Mon Mar 02, 2020 12:05 pm

Yes
Yes
Don't know.
With a pinch of salt take what I say, but don't exceed your RDA

wamstax
Posts: 1896
Joined: Wed Aug 06, 2008 3:39 pm
Location: Operate Nationally but based in Aberdeen
Contact:

Re: When CGT declaration required tax/years 19/20 & 20/21

Postby wamstax » Mon Mar 02, 2020 7:22 pm

that is date missives are concluded/exchange of contracts rather than date of entry
regards and hope this helps
http://www.wamstaxltd.com
Operates Nationally with competitive costs
and email and phone contact can be obtained from website


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