Filled in a CGT return and paid the CGT when I sold property, now confused about self-assessment....

JennyP

Struggling with doing my own self-assessment for the first time in twenty-odd years! 
I sold a property in 20/21 that was not my main residence. Under new regulations, that meant filling in a CGT return and paying the tax within 30 days of the sale which I did. So do I now fill in the same information about this sale on the self-assessment form? Finding it a bit confusing! 

[Deleted User]

Definitely. See attached paper version of the online form. 

Complete the tax return as if no Capital Gsin has been reported. 

There is a box 11 and 12 equivalent on the online version which should be self explanatory.

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

Jeremy535897

[Deleted User] said:

Definitely. See attached paper version of the online form. 

Complete the tax return as if no Capital Gsin has been reported. 

There is a box 11 and 12 equivalent on the online version which should be self explanatory.

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

Box 9 (gains reported under 30 (now 60) day rule) and Box 10 (tax paid on such gains). Boxes 11 and 12 relate to non-UK residential property and carried interest.

[Deleted User]

Jeremy535897 said:

[Deleted User] said:

Definitely. See attached paper version of the online form. 

Complete the tax return as if no Capital Gsin has been reported. 

There is a box 11 and 12 equivalent on the online version which should be self explanatory.

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

Box 9 (gains reported under 30 (now 60) day rule) and Box 10 (tax paid on such gains). Boxes 11 and 12 relate to non-UK residential property and carried interest.

Correct - no idea why I changed that!

JennyP

Thank you all so much. I think I've been in a kind of mental paralysis about it because I didn't quite get the new system and the amount of money involved makes it scarier than a normal return! 

[Deleted User]

JennyP said:

Thank you all so much. I think I've been in a kind of mental paralysis about it because I didn't quite get the new system and the amount of money involved makes it scarier than a normal return! 

Great - hope it’s sorted. Sorry about my attempt to confuse you - rarely complete a paper form these days.

JennyP

Jeremy535897 said:

Box 9 (gains reported under 30 (now 60) day rule) and Box 10 (tax paid on such gains). Boxes 11 and 12 relate to non-UK residential property and carried interest.

Just getting round to this now, having spent most of Christmas and New Year with a terrible migraine....hoping doing the tax return doesn't bring on another one. 

So I just have to fill in Boxes 9 and 10? 

I think what's confusing me is Boxes 4 and 5. Is Disposal Proceeds (Box 4) not the same as Total Gains (Box 9)? Or is Box 9 basically the result of Box 4 (Disposal Proceeds) minus Box 5 (allowable costs)? 

I found this https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1003753/SA108-Notes-2021_English.pdf and have read it but am none the wiser. I honestly feel like the older I get, the more difficult these things seem! Two years ago, did Mum's tax return including a CGT section for property with no trouble whatsoever! 

Thanks again for your help!  

[Deleted User]

I think what's confusing me is Boxes 4 and 5. Is Disposal Proceeds (Box 4) not the same as Total Gains (Box 9)? Or is Box 9 basically the result of Box 4 (Disposal Proceeds) minus Box 5 (allowable costs)? 

You fill in boxes 3,4,5,6 (which is 4 minus 5) 9 and 10.

I would imagine that 9 would equal 6. The notes for box 9 state:

‘These individual gains and losses will also need to be included within the box 6 and box 7 entries as necessary.’

JennyP

[Deleted User] said:

I think what's confusing me is Boxes 4 and 5. Is Disposal Proceeds (Box 4) not the same as Total Gains (Box 9)? Or is Box 9 basically the result of Box 4 (Disposal Proceeds) minus Box 5 (allowable costs)? 

You fill in boxes 3,4,5,6 (which is 4 minus 5) 9 and 10.

I would imagine that 9 would equal 6. The notes for box 9 state:

‘These individual gains and losses will also need to be included within the box 6 and box 7 entries as necessary.’

Thank you again. That's helped. 9 does equal 6 - glad you said that or I would have thought I'd done something wrong!