Help required re CGT & PRR

Jeremy535897

It wouldn't make any difference as the payment on the 60 day return is a payment on account of the final liability declared on the self assessment tax return (which you must complete, so register for self assessment if you don't currently complete a return) for 2022/23.

SXX

Jeremy535897 said:

It wouldn't make any difference as the payment on the 60 day return is a payment on account of the final liability declared on the self assessment tax return (which you must complete, so register for self assessment if you don't currently complete a return) for 2022/23.

Thanks - I complete self assessments as I used to receive rental income.   I have assumed that I do not need to complete the 2022/23 self assessment until April next year?  Hope that is correct.

[Deleted User]

SXX said:

Jeremy535897 said:

It wouldn't make any difference as the payment on the 60 day return is a payment on account of the final liability declared on the self assessment tax return (which you must complete, so register for self assessment if you don't currently complete a return) for 2022/23.

Thanks - I complete self assessments as I used to receive rental income.   I have assumed that I do not need to complete the 2022/23 self assessment until April next year?  Hope that is correct.

Yes - form not available until 6th April 2023.

SXX

Hello again.  According to Gov.UK the income tax/personal allowances are 

Basic rate	£12,571 to £50,270	= 20%

Higher rate	£50,271 to £150,000	= 40%

Which are different to the ones used in the example above. Please can someone explain?

Thanks

Jeremy535897

Those are income tax rates. You are liable to pay capital gains tax. In your circumstances (taxable income less than personal allowance, no other gains or losses) you pay 0% on the first £12,300, 18% on the next £37,700 (the difference between £50,270 and £12,570) and 28% on the rest.

SXX

Ah - I see - thanks for the explanation!