Capital Gains Tax

tduf

I was wondering if anyone could tell me how Capital Gains Tax is declared to HMRC ?
I am selling a btl property and would like to know how this is done.  

I asked my solicitor dealing with the sale & she says it is down to me .  Is this true ?  Can anyone help or comment ?

[Deleted User]

Here you go :

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

Note that you will also be required to complete a self-assessment tax return for the tax year 2021/22 (if completion before 5th April) which must be submitted by 31st January 2023.

tduf

Thanks for that prompt reply.
 

Is the whole cgt thing reported on a basis of honesty then ?

[Deleted User]

tduf said:

Thanks for that prompt reply.
 

Is the whole cgt thing reported on a basis of honesty then ?

Not sure how to answer that - any submission to HMRC is based on honesty. When HMRC make any enquiries into the return it will be based on facts, any evidential response from you pertaining to their queries and the information relating to the sale to which they will have full access. 

Jeremy535897

[Deleted User] said:

Here you go :

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

Note that you will also be required to complete a self-assessment tax return for the tax year 2021/22 (if completion before 5th April) which must be submitted by 31st January 2023.

The date of the capital gain will be when unconditional contracts are exchanged, although nowadays this is often simultaneous with completion.