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Where Taxpayers and Advisers Meet

Capital Gains

David John
Posts:1
Joined:Mon Jun 13, 2022 8:27 pm
Capital Gains

Postby David John » Mon Jun 13, 2022 8:40 pm

Had a property since '86, rented it, lived in it, rented it again, big gain but well offset by joint capital gain allowance. Thinking of selling, not a tax payer now, live in another paid up property, but retired on low income. Do I still need to inform Tax of sale?

Jholm
Posts:360
Joined:Mon Mar 11, 2019 4:22 pm

Re: Capital Gains

Postby Jholm » Tue Jun 14, 2022 8:53 am

You say a big gain but covered by annual exemptions? Define big gain.

If your share of the gain is over £12,300, then yes most definitely, report within 60 days of completion. Should also go on the tax return for the year after tax year end.


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