This is a freeview 'At a glance' guide about how to report capital gains.

How do you report your capital gains? What return do you use?

There are different ways for individuals to report capital gains depending on whether you are resident, or non-resident, and whether you are in or out of Self Assessment.


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Comments (28)

Rated 5 out of 5 based on 3 voters
This comment was minimized by the moderator on the site

Hello

I've come across the following from another source:

"Clients disposing of UK residential property that have a CGT liability must report and pay the tax within 30 days of completion. However, for transactions taking place towards the end...

Hello

I've come across the following from another source:

"Clients disposing of UK residential property that have a CGT liability must report and pay the tax within 30 days of completion. However, for transactions taking place towards the end of the tax year there is an opportunity to delay payment.
The date of exchange is relevant for the tax return reporting, but the 30-day countdown starts when the property transfer completes. This means that where contracts are exchanged during 2020/21, but completion does not take place until 7 March 2021 or later, the 30-day deadline falls after 5 April 2021. It is therefore possible to submit their 2020/21 tax return and providing this is done before the 30-day deadline there is no need to report the gain separately or pay the tax within 30 days.
The tax payment deadline will be deferred until 31 January 2022, and it will save the time, cost, and hassle of reporting it within HMRC’s Capital Gains Tax on UK property account."

Do you know if this is correct? Particularly the 'no need to pay the tax within 30 days" bit.

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Guest
This comment was minimized by the moderator on the site

Your post 6 April 2020 flowchart suggests that an online return will be required within 30 days even when the gain is less than the Annual Exemption. However the checklist published by HMRC states.

Are all disposals of UK residential properties...

Your post 6 April 2020 flowchart suggests that an online return will be required within 30 days even when the gain is less than the Annual Exemption. However the checklist published by HMRC states.

Are all disposals of UK residential properties within these new rules?
If you are a UK resident, you don't need to do anything if the gains are not charged to CGT.

Was the HMRC guidance changed?

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Guest
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Hi. I'm planning to gift a residential property to my two children which will trigger a capital gain in this tax year. I have capital losses brought forward which will cover the gain. Can I offset the gain against the losses when I report the...

Hi. I'm planning to gift a residential property to my two children which will trigger a capital gain in this tax year. I have capital losses brought forward which will cover the gain. Can I offset the gain against the losses when I report the disposal within 30 days, or do I have to pay the CGT within 30 days and claim it back on my next tax return? Thanks.

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Guest
This comment was minimized by the moderator on the site

It rather depends on the nature of your losses. You need to review the type of loss and then consider whether you can offset. You can post queries to the Virtual Tax Partner support service - go to http://www.VtaxP.co.uk

Guest
This comment was minimized by the moderator on the site

A past contributors queried below which was not answered and came to wonder myself.

QUOTE

"After taking off the £12,300 capital gains allowance, am I correct in thinking that for residential, 18% would be payable on £37,500 minus taxable...

A past contributors queried below which was not answered and came to wonder myself.

QUOTE

"After taking off the £12,300 capital gains allowance, am I correct in thinking that for residential, 18% would be payable on £37,500 minus taxable income, and 28% on the portion over £37,500?"

END QUOTE

My own query is...

Does the 30 day return have fields to input the 'total taxable income' (TTI) as this is difficult to discern within year in 'real-time' where ordinarily you would assess this accurately at point of SATR when the year is complete.

Or

are we saying make an estimation of TTI and calculate up to and including the at precise date of completion of sale of property (as what exactly other choice do you have).

TTI determines portion of deemed taxable gain subject to applicable CGT rates, so must be factored in the CGT computation, of course.

I guess when you report on actual SATR, there is a reconciliation whereby underpaid results in penalty and overpaid a rebate. Is this just typical HMRC not providing a suitable portal and leaving down to confusing inducing underpayments to seize on?

Anyone come across this issue and how did you tackle it with the best will in the world?

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Guest
This comment was minimized by the moderator on the site

Hi sorry your flow chart is not clear on what happens when you have losses brought forward to offset against a gain made?
Losses are offset after the annual exemption is deducted so would you still have to report within 30 days if there was a...

Hi sorry your flow chart is not clear on what happens when you have losses brought forward to offset against a gain made?
Losses are offset after the annual exemption is deducted so would you still have to report within 30 days if there was a profit and then also declare the loss? As no tax will be due.
Or would you just declare on your self assessment?

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Guest
This comment was minimized by the moderator on the site

Quick question please - Can an agent file the online CG calculation. Or do you need to complete the payment details at the same time.
Thank you.

Guest
This comment was minimized by the moderator on the site

After taking off the £12,300 capital gains allowance, am I correct in thinking that for residential, 18% would be payable on £37,500 minus taxable income, and 28% on the portion over £37,500?

Guest
This comment was minimized by the moderator on the site

I am sorry we have not the capacity to respond to individual tax queries.

If you would like professional advice I recommend that you use the Virtual Tax Partner support service - the link is here:
https://www.rossmartin.co.uk/ask-virtual-tax-part...

I am sorry we have not the capacity to respond to individual tax queries.

If you would like professional advice I recommend that you use the Virtual Tax Partner support service - the link is here:
https://www.rossmartin.co.uk/ask-virtual-tax-partner-support

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Guest
This comment was minimized by the moderator on the site

Is land that has planning consent for houses residential property for the purpose of the 30 day payment? I will have to get a 1982 valuation. What do I do if this is not ready in time?

Guest
This comment was minimized by the moderator on the site

I am sorry we have not the capacity to respond to individual tax queries.

If you would like professional advice I recommend that you use the Virtual Tax Partner support service - the link is here:
https://www.rossmartin.co.uk/ask-virtual-tax-part...

I am sorry we have not the capacity to respond to individual tax queries.

If you would like professional advice I recommend that you use the Virtual Tax Partner support service - the link is here:
https://www.rossmartin.co.uk/ask-virtual-tax-partner-support

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Guest
This comment was minimized by the moderator on the site

This relates to CGT on sale of listed UK shares.

When you say 'total' capital gains in your flow chart, do you mean 'net'?

The case I am thinking of is where gains are offset with losses (in the same tax year) which brings the net gain down...

This relates to CGT on sale of listed UK shares.

When you say 'total' capital gains in your flow chart, do you mean 'net'?

The case I am thinking of is where gains are offset with losses (in the same tax year) which brings the net gain down to under the annual exemption amount.

If, in addition, the total proceeds from the disposals are less than 4 x the exemption amount, the flow chart leads me to believe the gains are not reportable.

Yes? No?

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Guest
This comment was minimized by the moderator on the site

I am sorry we have not the capacity to respond to individual tax queries.

If you would like professional advice I recommend that you use the Virtual Tax Partner support service - the link is here:
https://www.rossmartin.co.uk/ask-virtual-tax-part...

I am sorry we have not the capacity to respond to individual tax queries.

If you would like professional advice I recommend that you use the Virtual Tax Partner support service - the link is here:
https://www.rossmartin.co.uk/ask-virtual-tax-partner-support

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Guest
This comment was minimized by the moderator on the site

My house sale completed at the beginning of the month. The house was jointly owned by my ex-partner and me. I moved out three years ago but she stayed living in the house. I'm liable for Capital Gains Tax which I want to pay but she is...

My house sale completed at the beginning of the month. The house was jointly owned by my ex-partner and me. I moved out three years ago but she stayed living in the house. I'm liable for Capital Gains Tax which I want to pay but she is withholding consent for the proceeds of the sale to be released by the conveyancing solicitor. I can't afford to pay the CGT until I have my half of the sale proceeds. What should I do?

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Guest
This comment was minimized by the moderator on the site

I am sorry we have not the capacity to respond to individual tax queries.

If you would like professional advice I recommend that you use the Virtual Tax Partner support service - the link is here:
https://www.rossmartin.co.uk/ask-virtual-tax-part...

I am sorry we have not the capacity to respond to individual tax queries.

If you would like professional advice I recommend that you use the Virtual Tax Partner support service - the link is here:
https://www.rossmartin.co.uk/ask-virtual-tax-partner-support

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