Capital Gains Tax and Self Assessment

thomasfitzgerald

hi,

I've sold a property recently and need to pay capital gains tax. the property was sold in December 2018 and my question is, is it best to pay the CGT now or wait until next year and submit a self assessment return. Is this allowed? wasn't sure if I need to report it somewhere rather than wait another year to pay?

many thanks

G_M

You can choose.

If you want to get the amount paid so you can then forget about it, do a one-off declaration.

If you want to maximise your cash, put the money aside earning interest and complete a tax return for 2018-19, either by Oct 2019 (paper tax return) or Jan 2020 (online).


See
https://www.gov.uk/capital-gains-tax/report-and-pay-capital-gains-tax



Do you do annual tax returns anyway? This also might influence your decision.

Tom99

Is the property the only disposal you have to report? The one off real time online form can only cope with a single disposal so if, for example, you also sold some shares in 2018/19 you cannot declare both disposals on the one form it will be rejected.

thomasfitzgerald

Great thanks both for your replies, yes there is only one disposal to account for.

Thanks