Need to report property CGT if no liability? 18 July 2022 at 10:59PM in Cutting tax 1 reply 102 views

7sefton

Hi there

I just sold a rental property but the capital gain, after allowable expenses, was under the allowance. Do I still need to report it to HMRC if my Capital Gains Tax liability is zero?

Thanks!

Jeremy535897

You do not need to report the gain on the sale of a UK residential property within 60 days of completion if there is no tax to pay. That depends in part on whether you have made any other gains so far in the tax year.

If you do not complete self assessment tax returns, this transaction will not cause you to have to complete one, but if you do have to complete a self assessment tax return for other reasons, you will have to declare the disposal if the proceeds (from this and any other capital gains tax disposals in the tax year) exceeded £49,200.