Capital Gains in Self Assessment

jarweb

Hi

We have recently sold a property which we had been letting out for a few years (I'd posted a query regarding CGT on the forums  previously).

We submitted and paid the CGT due a few weeks ago.

We were advised that we also need to include the CGT details in our Self Assessment (this will be our last one as we were only doing this for the one letting property).

I'm probably missing something obvious but when I go through the CGT section in the self assessment I don't see anywhere to say that I've already paid the tax.  When I go through to the end (without submitting) it then says I owe over £1000 in tax.   I suppose it's possible that the amount already paid would be taken into account at a later point but it's not very clear if this is the case.  I don't want to end up paying twice as the thought of trying to get the money back later really doesn't appeal.

Just wondering if anyone has had this situation previously and can advise ?

Thanks

[Deleted User]

jarweb said:

Hi

We have recently sold a property which we had been letting out for a few years (I'd posted a query regarding CGT on the forums  previously).

We submitted and paid the CGT due a few weeks ago.

We were advised that we also need to include the CGT details in our Self Assessment (this will be our last one as we were only doing this for the one letting property).

I'm probably missing something obvious but when I go through the CGT section in the self assessment I don't see anywhere to say that I've already paid the tax.  When I go through to the end (without submitting) it then says I owe over £1000 in tax.   I suppose it's possible that the amount already paid would be taken into account at a later point but it's not very clear if this is the case.  I don't want to end up paying twice as the thought of trying to get the money back later really doesn't appeal.

Just wondering if anyone has had this situation previously and can advise ?

Thanks

Have another look. There is a specific box at the end of each type of disposal. Here is the manual form. Tax On Gains  In Box 11 Already Paid 


https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/974132/SA108_English_Form_2021.pdf

jarweb

Hi

I'll have another look but I must have missed it a few times already (not impossible).

I already have a copy of the paper form downloaded and, yes, saw the box which specifically mentions tax already paid.  I also have the help document (summary notes) which explains each section.  But the online one isn't laid out the same as far as I can see. 

The S108 form is more like the actual CGT online submission I completed, rather than the CGT section in the self assessment.

Thanks

[Deleted User]

jarweb said:

Hi
This 
I'll have another look but I must have missed it a few times already (not impossible).

I already have a copy of the paper form downloaded and, yes, saw the box which specifically mentions tax already paid.  I also have the help document (summary notes) which explains each section.  But the online one isn't laid out the same as far as I can see. 

The S108 form is more like the actual CGT online submission I completed, rather than the CGT section in the self assessment.

Thanks

I have checked the online Capital Gains section. There is an online box

 - Tax on U.K. residential property gains reported on Capital Gains Tax U.K. Property Disposal returns already charged (optional).

I reckon that’s your entry!

jarweb

OK - thanks
Will have another look tomorrow
Cheers !

jarweb

Hi
There is an option to use a CGT calculation worksheet to work out CGT amounts for you in the Self Assessment process.  
When I used this there doesn't seem to be an option to input any tax already paid.  Quite willing to admit I'm stupid but went through this 2 or 3 times and couldn't see it.

When I chose NOT to use the worksheet and work out all the calculations manually I then had the option to input tax already paid as mentioned by purdyoaten2  

I'm so glad this is hopefully the last year I need to do this !

Thanks again

[Deleted User]

That option is to assist you to calculate the gain which you then enter in the appropriate box- simply a tool to help you arrive at that figure. It is entirely separate.

Further along you are requested to enter the tax already paid on that gain.

jarweb

Hi
There is an option once you complete the worksheet which asks:
"Do you need to add details of any disposals or gains which have not been included in the worksheet summary above?"

If you choose "No, use these figures" - I then don't see any option further on to input tax already paid.

If you choose "Yes, add my own figures" - it then asks you to input all the figures again and there is then an option to input tax already paid.


The help for this part says: "The summary uses details from the worksheets you've filled in.
If you have not used a worksheet for every disposal of an asset in this year or you have:
other gains or losses to includemade gains and paid tax and included these in a Real Time transaction returnmade gains and the tax due was included in Capital Gains Tax UK Property Disposal returnsgains invested under Seed Enterprise Investment SchemeShare loss Relief
select 'Yes' otherwise, select 'No'. "
This line sticks out for me:

"made gains and the tax due was included in Capital Gains Tax UK Property Disposal returns"

Again, unless I'm STILL missing it somewhere I'm not going to worry about it too much as the option is there if I don't use the worksheet.
Cheers