Self Assessment Capital Gain reporting on jointly owned property sale

boongywoongy

My wife and I sold an investment property in 2022 which we need to report as a capital gain on our upcoming Self Assessment return.

Do I just divide the property sale price by 2 for the 'Disposal proceeds or market value' field and do the same for the remaining fields like 'Incidental costs of disposal', 'Cost or market value', 'Improvement costs' etc so that the final 'Chargeable gain or loss' field is correctly calculated to be 50% of the gain? Been ages on the queue to speak to one of the telephone HMRC advisers and I've run out of patience!

Jeremy535897

If you and your wife owned it equally, yes.

Presumably this is a commercial property, as a residential property gain should already have been reported and the tax paid:
https://www.gov.uk/report-and-pay-your-capital-gains-tax/if-you-sold-a-property-in-the-uk-on-or-after-6-april-2020

This does not mean that you don't also have to include the gain on your self assessment as well, with credit for the tax paid on account.

eskbanker

https://www.gov.uk/report-and-pay-your-capital-gains-tax/if-you-sold-a-property-in-the-uk-on-or-after-6-april-2020 explains, including the requirement to pay within 60 days of sale.

[Deleted User]

boongywoongy said:

My wife and I sold an investment property in 2022 which we need to report as a capital gain on our upcoming Self Assessment return.

Do I just divide the property sale price by 2 for the 'Disposal proceeds or market value' field and do the same for the remaining fields like 'Incidental costs of disposal', 'Cost or market value', 'Improvement costs' etc so that the final 'Chargeable gain or loss' field is correctly calculated to be 50% of the gain? Been ages on the queue to speak to one of the telephone HMRC advisers and I've run out of patience!

Exactly this! How was it reported to HMRC previously under the 60 day reporting rule when the  tax thereon should also have been paid?

boongywoongy

Thanks all. It was a residential sale and yes I did notify HMRC within 60 days but I completely forgot that I also paid the tax too. My memory is fading fast unfortunately :-( 

Should be able to complete the rest of the SA now. Cheers everyone.