Capital gain position

mjatom

In May 2022 I sold my interest in a let shop being my one and only let property.  I intend to declare the capital gain in my 2022 to 2023 self assessment tax return in January 2024 and pay the CGT that will be due taking into account of the £12500 allowance current at the time of sale. If the allowance is reduced by the chancellor before then will I still be entitled to the previous higher allowance.Thanks to anyone who can guide me.

Ratty987

You are entitled to the allowance in the tax year in which the sale occurred  - so the 22/23 CGT allowance will apply.
However, I think perhaps you should have declared the transaction to HMRC within 60 days of the sale? 

kimwp

Probably better in a different board- I think there's a tax one.

mjatom

Thanks for replies. Re 60 day reporting comment I phoned HMRC re this but the 60 day time limit applies only to residential sales and not commercial property.