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Help with CGT liability

Growingold
Growingold Posts: 637
Seventh Anniversary 100 Posts Name Dropper
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I am selling my BTL.  Reading AI it gives conflicting information on how to maximise your CGT and I'm confused.
I did read firstly that if you exchange in one tax year and complete in the following tax year then you can utilise your CGT in both years by apportioning your liability in each tax year.  However I later read that you can't,  that your liability is calculated on date of exchange but reporting within the 60 day deadline is per completion date.
Any help would be appreciated.

Comments

  • Dazed_and_C0nfused
    Dazed_and_C0nfused Posts: 19,508
    10,000 Posts Sixth Anniversary Name Dropper
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    I am selling my BTL.  Reading AI it gives conflicting information on how to maximise your CGT and I'm confused.
    I did read firstly that if you exchange in one tax year and complete in the following tax year then you can utilise your CGT in both years by apportioning your liability in each tax year.  However I later read that you can't,  that your liability is calculated on date of exchange but reporting within the 60 day deadline is per completion date.Any help would be appreciated.
    Do you really want to maximise your CGT liability 😳
  • Growingold
    Growingold Posts: 637
    Seventh Anniversary 100 Posts Name Dropper
    Forumite
    I am selling my BTL.  Reading AI it gives conflicting information on how to maximise your CGT and I'm confused.
    I did read firstly that if you exchange in one tax year and complete in the following tax year then you can utilise your CGT in both years by apportioning your liability in each tax year.  However I later read that you can't,  that your liability is calculated on date of exchange but reporting within the 60 day deadline is per completion date.Any help would be appreciated.
    Do you really want to maximise your CGT liability 😳
    Yes because then I might pay a lower rate of tax on all my income for one year

  • Keep_pedalling
    Keep_pedalling Posts: 23,490
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    Presumably you ment utilise two years of annual allowances, you can’t you only get one regardless what time of year the contracts were exchanged.

    The general rule is that it is exchange of contracts date that determines the date of disposal, but there can be exceptions in some cases.

    https://www.taxjournal.com/articles/cgt-and-the-date-of-acquisition
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