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.

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.


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

Where Taxpayers and Advisers Meet

Trying to make sense of self-assessment: CGT

Joined:Tue Mar 06, 2018 4:19 pm
Trying to make sense of self-assessment: CGT

Postby Mary1 » Thu Jul 22, 2021 1:44 pm

Dear All,

I would appreciate some guidance while I struggle through the latest incarnation of the Government's self-assessment. I normally have income from property. I sold my buy to let flat in December and in early January as I was legally obliged to do, submitted and then paid CGT. The self-assessment form I am currently filling in asked me if I had disposed of any property for which CGT is payable. As I have already created a CGT account back in January and paid the amount requested, do I assume I say "No" to this question as it has already been addressed? Out of curiosity I said "Yes" and was taken to the CGT section where it appears I have to go through the whole questionnaire again. There doesn't seem any joining the dots - shouldn't it have just recognise me and added my CGT account information to this section. I then, for the sake of my sanity, deleted this whole section and now have my return on hold until some kind soul can explain to me what to do!! As the flat was sold in the 2020/2021 tax year I do have some income to declare, which I have done. It's the disposal of assets question that floored me. I will also post this in the Income Tax Section as well.

I look forward to some (idiot proof!) advice.

Joined:Mon Mar 11, 2019 4:22 pm

Re: Trying to make sense of self-assessment: CGT

Postby Jholm » Thu Jul 22, 2021 2:01 pm

Responding based on the software I use. The approach should be the same.

You would report the proceeds, cost etc as a new gain on the tax return, using the same figures as before. On the tax return, there should be a box to tick to say that a 'UK property return' has been submitted. Tick that and put in the account reference, together with the CGT already paid.

There are crossover issues between the property account and self-assessment so it can be awkward managing the two. Be mindful that due to having to initially estimate your income, over or underpayments can often occur. Currently, it seems these need to be dealt with by amending the UK property return. Under or overpaid CGT is not currently being adjusted for via the tax return so I would suggest you finalise the property account first if it varies.

Joined:Tue Mar 06, 2018 4:19 pm

Re: Trying to make sense of self-assessment: CGT

Postby Mary1 » Thu Jul 29, 2021 12:30 pm

Unfortunately, there was not an opportunity to tell the Self Assessment CGT section that I had already done it. I filled in the appropriate information and the calculation at the end of the return told me that I owed for CGT and should be paid before January 2022! As by law I had to pay within a month of sale, was allocated a Property Tax Account and paid the CGT based on a grossly overestimate income (I used 2019/20) rather than guess 20/21 3 months before financial year end, I know I'm due a fair rebate, but the Self-Assessment suggests I owe over £8,000! There is no joined up thinking and I feel I'll have to bite the bullet and ring them up and explain. You suggest I finalise the Property Account first, but am not sure if I'll be allowed to change my guesstimate of my income which would greatly reduce the CGT calculation. That's the reason, I suspect, that the original capital gains used to be allowed during the self-assessment of the financial year after the year had ended and made the calculation much more accurate.

Thanks for your advice.

Joined:Sat Feb 01, 2014 3:26 pm

Re: Trying to make sense of self-assessment: CGT

Postby bd6759 » Fri Jul 30, 2021 12:11 am

Complete Boxes 21 and 22 on the CG part of the return.

Return to “Capital Gains Tax, CGT”