Capital Gains Tax

BungalowBel

-My husband and I are in the process of selling our rented flat.  It is SSTC, early stages.  

I estimate we will make a capital gain of around £12000 between us.  ( I have taken off buying and selling costs, plus the current CGT allowance of £3k each).  The flat is owned as 50/50 Tenants-in-common.

My question is, when do I have to submit the capital gain to HMRC ?  I have read somewhere it must be within 90 days of completion, but somewhere else seems to suggest you can do it with your usual tax return.

Also, can someone tell me how much tax we will have to pay? We are both ordinary rate taxpayers, although from this tax year (24-25), I won't be liable for income tax. as I will not have enough income.

Thanks in advance.

p00hsticks

BungalowBel said:

My question is, when do I have to submit the capital gain to HMRC ?  I have read somewhere it must be within 90 days of completion, but somewhere else seems to suggest you can do it with your usual tax return.

From 
Tax when you sell property: Work out your gain - GOV.UK (www.gov.uk)

If you have Capital Gains Tax to pay

You must report and pay any Capital Gains Tax on most sales of UK property within 60 days.

eskbanker

If you sold a property in the UK on or after 6 April 2020

You must report and pay any Capital Gains Tax due on UK residential property within:

• 60 days of selling the property if the completion date was on or after 27 October 2021

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

https://www.gov.uk/capital-gains-tax/rates explains how to calculate your CGT, which is dependent on the rest of your income.

https://www.gov.uk/tax-sell-home is also a useful source of information. 

BungalowBel

Thank you both, very helpful.