"Big" sale and CGT

TMSG

We'll be selling most of our more volatile assets in our GIAs and move to "safer" investments. We will have significant gains, way over the £3k exempt amount. That's no problem as we have made the gains and so have the money :-)

However, from the moment we sell (around "now") to the moment we have to pay CGT (31Jan2028) it's around 18 months… or do we have to tell HMRC sooner and pay sooner? I've not found anything that says yes, but with taxes everything is possible.

(If not, a positive side effect is that the CGT amount will pay a bit for itself as we can put it into fixed-rate savings for the time.)

Woodstok2000

Do you fill out a self assessment tax return? If so, your CGT will be due by the end of Jan following the end of the tax year in which you made the gain.

If you dont use self assessment, you can start using it to report the CGT liability, or use the 'real time' service:

https://www.gov.uk/report-and-pay-your-capital-gains-tax/if-you-have-other-capital-gains-to-report

TMSG

@Woodstok2000 We're doing SA, that's why I assumed 31Jan2028 as the "day of reckoning". But yeah, should've mentioned it. So we have time till then but we have to be prepared to part with a significant sum on that date as a part of the CG will be taxed at 24% not 18%. And thanks for answering!