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Where Taxpayers and Advisers Meet
CGT on property sale
I am in the process of selling a property which was originally my private residence but has in recent years been let. I have calculated (based on time apportionment) that part of the overall gain which relates to the period of letting. That part of the gain is below the CGT annual allowance. Following completion of the sale at the end of this month do I need to advise HMRC within 30 days or take any other immediate action?
Re: CGT on property sale
Yes. The 30 day return is required even although the return shows no tax to pay.
Re: CGT on property sale
bd, more your scene than mine, but if there is no notional CGT to pay then no return is required?
FA 2019 Sch 2 para 3(1) is subject to para. (3)(a) which refers to para 4.
FA 2019 Sch 2 para 3(1) is subject to para. (3)(a) which refers to para 4.
Re: CGT on property sale
Maths.. I agree.
I was lazy and followed the flowchart on the RossMartin website. Whilst it’s a useful resource, it’s not always right.
OP. HMRC guidance is here
https://www.gov.uk/government/news/get-ready-for-changes-to-capital-gains-tax-payment-for-uk-property-sales
I was lazy and followed the flowchart on the RossMartin website. Whilst it’s a useful resource, it’s not always right.
OP. HMRC guidance is here
https://www.gov.uk/government/news/get-ready-for-changes-to-capital-gains-tax-payment-for-uk-property-sales
