Capital Gains Tax on previous family home

[Deleted User]

jarweb said:

Yes - understand that we need to report within 30 days and it needs to go in with self assessment.  Plus things could change in the budget.

But was just wondering if anyone could advise if the CGT is treated separately from the main self assessment.  We would have had some income from letting up until November so will have to declare this.  Is this added to the CGT gain to mean we could end up paying more tax for this year ?  I know we will be paying more tax anyway but I mean could the combination put us over some threshold which we wouldn't have if the CGT was submitted next year.

But if the house sale completes after 5th April we would have had no additional income for next financial year apart from the CGT.
Thanks

May I presume that you are aware that you have a personal allowance of 12300 for capital gains and a separate additional personal allowance for other income (such as letting income)?

jarweb

Jeremy535897 
I'll do some sums and see what our incomes will be but that is what I was worried about - that the extra income would put us up a tax band if we combine the income from salary, letting & CGT.
It will probably be another 4 or 5 weeks unless the buyers want to push things through quicker.  The provisional date for completion is 31st March.  This is why I was asking about any benefit of waiting until the next financial year (if we were able to) as it is only a week later.
But, agree, the budget might change things anyway so we'll wait and see.
Thanks for all the responses.

Jeremy535897

jarweb said:

Jeremy535897 
I'll do some sums and see what our incomes will be but that is what I was worried about - that the extra income would put us up a tax band if we combine the income from salary, letting & CGT.
It will probably be another 4 or 5 weeks unless the buyers want to push things through quicker.  The provisional date for completion is 31st March.  This is why I was asking about any benefit of waiting until the next financial year (if we were able to) as it is only a week later.
But, agree, the budget might change things anyway so we'll wait and see.
Thanks for all the responses.

Remember that the date of disposal for capital gains tax is the date unconditional contracts are exchanged (although this is nowadays often the same day as completion).