CGT - Do I need to declare this house sale

george278

I will be selling a house I jointly own with relatives soon. I calculate that the capital gain I have made on the property is approximately £8500, well under the CGT free allowance of £11100. Do I still have to declare the transaction to the Inland Revenue?

Thanks in advance.

booksurr

if you are already required to submit a tax return for the year of the sale then yes you must include the CGT details even though there is nothing to pay

if you are not already required to submit a tax return (and there is no other change to your circumstances in the year which you would mean you had to declare other income etc) then no you are not because there is nothing to pay

read https://www.gov.uk/capital-gains-tax/work-out-need-to-pay