Self assessment and property sale

maxie47

From what I understand and have read up, when selling a property CGT needs paid and reported within 60 days of the property sale, but not applicable if there is no tax to pay? (Correct me if that’s wrong)

However, if there is no CGT made on the property sale and the proceeds of the property sale do not exceed 4 times the annual allowance; is it a requirement to still report on the SA return if you are registered and submit them yearly anyway, or not necessary ?

Jeremy535897

Per notes to SA108:
Fill in the ‘Capital Gains Tax summary’ pages if:
• you sold or disposed of chargeable assets which were worth more than £49,200
• your chargeable gains before taking off any losses were more than £12,300 (‘annual exempt amount’)
• you have gains in an earlier year taxable in this period
• you want to claim an allowable capital loss or make a capital gains claim or election for the year

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1063020/sa108-Notes-2022.pdf

Nor do you need to report the disposal within 60 days of completion.

maxie47

Thank you for answering.

 I was second guessing if it needed to go on the SA regardless, as when looking at the questions on the annual return online they ask - Capital Gains Summary - Did you dispose of any chargeable assets, or have any chargeable gains, or do you wish to claim an allowable loss or make any other claim or election?:

I thought well yes on disposing chargeable assets - but .. reading your notes attached above it seems it’s not a requirement if they were not worth more than £49200.

So if no other gains in the period to report and the gains for the property were not above the £12300 then the answer is a basic … no not necessary reporting it on your SA when you submit it? 

Jeremy535897

No other sales of chargeable assets to report, rather than no other gains to report.

maxie47

Got it. I was uncertain too as I know property disposals have different rules, which were bought in and I kept questioning if it had to be reported on the SA regardless. 

But referring to the notes attached, it is clear it’s not necessary to report on a self assessment as the disposal was not more than £49200 and no capital gains were made. 

Thank you so much for answering, appreciate being pointed to the obvious answers, thank you for your time.