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Capital Gains Tax enquiry
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tlambert1766
Posts: 35 Forumite
in Cutting tax
My mother has sold a house she inherited in 1995.
She does not pay income tax and has made some capital gains.
When does she need to pay this?
Many thanks
She does not pay income tax and has made some capital gains.
When does she need to pay this?
Many thanks
0
Comments
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If she completed the sale after Apr 2010 - then she needs to submit an SA Return (online) and include the CGT element by 31st Jan 2012. If she does the Return on paper - the latest filing date is Oct 2011. The tax will be due in a single sum on the 31st Jan 2012 in either case.
If the sale date was up to 22nd June 2010 - the CGT rate is 18%. After that date the net gain (after subtracting sale costs and annual allowance) is added to other income to determine the rate ...... and any part of the net gain that exceeds the threshold of the basic tax rate ....... will be at 28%.
(exampled calc towards the bottom of this page :-)
http://www.hmrc.gov.uk/rates/cgt.htmIf you want to test the depth of the water .........don't use both feet !0
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