CGT queries

SXX

I have a couple of queries re CGT.  

Let's say I sell my BTL on 20 April 2022 and once I have deducted the relevant amounts and applied all the allowances including the £12,300,  can I further deduct:

£12,570 personal tax allowance.  I do not have any income coming in.  Am currently living off some small savings. Am NOT drawing any pension income.

£20,000 ISA allowance.  Don't have an ISA / never had one.

Thanks

Jeremy535897

No and no.

Jeremy535897

I should add that if you have a tax liability, you need to report the gain and pay the tax within 60 days of completion. See:

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

PaulPension

purdyoaten2, many thanks for correcting me on what I misunderstood, so have deleted as advised.

On the point of changing ownership to joint if married, I’ll have a good read about those implications in the forum.

[Deleted User]

PaulPension said:

purdyoaten2, many thanks for correcting me on what I misunderstood, so have deleted as advised.

On the point of changing ownership to joint if married, I’ll have a good read about those implications in the forum.

Also deleted my post.

SXX

thanks for your responses.    Ok another question:  Can you offset any of the Capital Gain against a personal pension - so could I pay a lump of the Capital Gain to a personal pension scheme? 

Jeremy535897

SXX said:

thanks for your responses.    Ok another question:  Can you offset any of the Capital Gain against a personal pension - so could I pay a lump of the Capital Gain to a personal pension scheme? 

No. A contribution to a personal pension scheme does not reduce either income or capital gains, but if there are the earnings to cover it, and it is within the limits, a contribution to a personal pension will mean the government adds 25% of the contribution to the pension fund, and the gross contribution will extend the basic rate band (which in certain circumstances may reduce the rate of capital gains tax paid, but not the quantum of the gain itself).