CGT do need to change to self assessment

Kendinski

I’m 64 and only receive a small private pension and have been PAYE my entire working life. I sold a property to my son who was living in the house and I paid CGT on the profit. I think I wrongly believed that the profit was income and then asked HMRC to go Self assessment. I’ve asked HMRC for clarification but had no reply as such. Any information would be appreciated. Thanks.

theartfullodger

You'll be aware of the need to declare AND PAY within 60 days (? 30 ??) of sale?? Buy a book on property tax: There are more than 12 taxes a landlord may pay.. e.g. (there are others)
https://www.amazon.co.uk/How-Save-Property-Tax-2023/dp/1911020889

Rental income declared?? HMRC likely to be V suspicious if you claim to have (clearly correctly) let him live there rent-free.  Did any mortgage permit family members to live there?? V unlikely.

Good luck.

Bookworm225

so you have already paid CGT on the sale within the 60 day time limit?

are you already registered for self assessment? yes or no

if no, then unless there is another reason for you needing to do a tax return you do not have to register for SA just to repeat the CGT report 

If yes, then you must repeat the info on your SA, but obviously will not need to pay it again