Residential Property Capital Gains Tax Reporting (60 days) to HMRC

Welcome to our comprehensive guide on reporting residential property capital gains tax to HMRC! Whether you're a seasoned investor or a first-time seller, navigating through tax obligations can be overwhelming. In this video, we break down everything you need to know, including crucial key dates, essential tax forms, and practical examples to help you understand the process better.
Key Dates:
Sale Date: The date when you sold the residential property.
Submission Deadline: You have 60 days from the sale completion date to report and pay any capital gains tax to HMRC.
Tax Forms:
Form CGT30: Use this form to report the disposal of a UK residential property and calculate the capital gains tax.
Form SA100: Include any capital gains tax due on your annual self-assessment tax return.
Examples:
Example 1 - Selling a Second Home: Suppose you sold a second home on January 15, 2024. We'll walk you through the process of reporting the capital gains tax using Form CGT30.
Example 2 - Investment Property Sale: Let's say you sold an investment property on March 5, 2024. We'll demonstrate how to fill out Form SA100 to report the capital gains tax.
Stay tuned as we simplify the complex world of tax reporting for residential property capital gains! Don't forget to like, share, and subscribe for more helpful content.
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[@UK-Property-Tax-Accountants]

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[@talkttalk2010]

I’ve done this and now trying to add this info onto my self assessment form. Keep getting error. I’ve actually paid the capital gains tax!!

[@UK-Property-Tax-Accountants]

You may need to speak to HMRC about this directly

[@simoncanterbury]

A very helpful video, thank you. I imagine many people will have to estimate income to the year end. Eg. interest or dividends on savings, unknown expenditure from perhaps another rental property (so you dont yet know the net property income which makes part of your overall income for the year) and of course variable salary up until the financial year end. When sending the cgt due, can you see on the property account if it's been received or does it show anywhere else? Somehow I doubt it, knowing how the HMRC operate.

[@UK-Property-Tax-Accountants]

See my video in reply.

[@vilmanikaprojects6463]

​​ Thanks for the very helpful info. I have a question on applying for the reliefs: if I had some Private Residential relief, can I also use the Capital allowance Relief after or not? Also, do I apply all reliefs after deducting all capital expenditure and CoS or before? Is there a particular sequence to that? Thanks again.

[@UK-Property-Tax-Accountants]

Capital allowances can’t be claimed on a residential property that is used as a home. Could you clarify for me please?

[@izzyc5308]

Hi, just a quick question please. On the example you gave that the tax bill is £10K on the gain and when tax liability of the CGT may be £7K where it is possible to get a tax credit of £3K. Can you kindly elaborate how and when the tax liability is calculated on this point?

[@UK-Property-Tax-Accountants]

It’s best to work with your accountant to go through the specifics as there may be more credits that you do not want to miss out on

[@NumericalCounts]

Great video. My question is: If a property is held in a Lifetime Trust and is subsequently sold by the beneficiaries when the settlors die does the Trust make any difference to CGT liability?

[@UK-Property-Tax-Accountants]

That very much depends on the type of trust. It’s also depends on the value of the property was sold compare to the purchase price. It is usual that the trust or pay capital gains tax if a gain is made

[@NumericalCounts]

@@UK-Property-Tax-Accountants. Thank you. The Trust was called a Lifetime Trust it was created 12/12/12 and the property in the Trust was sold 12/4/23. The last parent lived in the property from approx 1971 all way through and past 12/12/12 and until his death 18/9/21.

[@martinhaad5702]

I purchased a house for £61k to live in 2020. Sold in 2022 for £120k. It required alot of work hence why it took long to do up. Spent around £20k doing it up. Made around £40k profit. I changed my mind and did not live in the property I ended up selling it as I didn’t like the area. I did not live in the property for long (maybe 1 week max, none of my documents were transferred over to this house) I don’t own any other properties and live in my mother in laws house. Am I liable to CGT ?

[@UK-Property-Tax-Accountants]

I believe that I have already answered this question on another video

[@zakismail8138]

Hi - when I try this it treats me as a business or trust instead of an individual - any advice?

[@UK-Property-Tax-Accountants]

Sadly not. I think you may have selected the wrong option somewhere, sorry I can’t be more helpful 😥

[@ashleyhughes1074]

Do you only report when there is a taxable capital gain. If a computation results in any capital gain being absorbed /falling under your annual exemption (£12,300), then you do not need to report. Therefore, only report if there is CGT payable, correct?

[@UK-Property-Tax-Accountants]

Not if you are a UK resudent.

[@ashleyhughes1074]

@@UK-Property-Tax-Accountants meaning / are you saying the taxpayer has to report irrespective of the CGT computation results by virtue of the fact your UK resident?

[@UK-Property-Tax-Accountants]

Other way around. Non UK residents have to report all disposals 👍

[@AsaadSariKouzel]

What types of British company shares are offsetable against capital gain tax on selling a property inUk? Thanks

[@UK-Property-Tax-Accountants]

The sale of any UK limited company would be subject to capital gains tax if you sold the shares. The gain is the difference between the price you sold the shares for and the price you paid for the shares.

[@AsaadSariKouzel]

@@UK-Property-Tax-Accountants thanks, but my question was: can I offset capital gains on selling a property against losses I incurred on selling such shares? Many thanks

[@UK-Property-Tax-Accountants]

Short answer, sadly no

[@DF-xh5lc]

Can HMRC find out if you don’t report dividend payment ?

[@UK-Property-Tax-Accountants]

Yes, by looking at forums like this 😅. In all seriousness it is difficult to find dividend payments made other than what has gone into your bank account. This would become more noticeable to Hmrc if they enquire into your financial affairs and ask for the statements

[@pennygange5889]

We cannot do this online is there a paper version

[@UK-Property-Tax-Accountants]

Sadly not. Why can you not to this online?

[@pennygange5889]

@@UK-Property-Tax-Accountants We are 77years of age, have struggled with this before. HMRC send us a paper rerurn for self assessment. Phoned them yesterday they are sending a SA108?

[@UK-Property-Tax-Accountants]

Oh wow that is interesting. They are pushing hard on the online only aspect

[@tazpoochie]

Could anyone tell me if I sell a house left to me by my father twenty years ago and buy another house will I be able to roll over the capital gain . Thank you

[@UK-Property-Tax-Accountants]

If you sell a residential property after 20 years I suspect that again would be made. You are not allowed to make a rollover relief claim on a residential property. You are likely to pay capital gains tax as a result to Hmrc

[@tazpoochie]

Thank you . 😢

[@UK-Property-Tax-Accountants]

Always welcome 🙏