When is the deadline for CGT?

sleepymans

Please could anyone advise me when is the latest I can report and pay capital gains tax due in respect of a capital gain which I had in the current 2007/8 tax year? I do not receive a self assessment form and am an employee paying paye with no other income.
Also do I have to pay any cgt due in a lump sum or can I request Ito pay it in instalments through my tax code and deducted from my pay?

Many Thanks

fengirl_2

Latest time to report it is 31 Jan 09 and this is when the tax is due. You would have to self assess by that date, but if you self assess by 30 Sept 08, HMRC will work out the tax for you.
You can't have the tax included in your code number - I imagine we are talking a lot of moeny here. You can ask to pay by installments, but interest will accrue on the unpaid protion.

Mikeyorks

sleepymans wrote: »

Also do I have to pay any cgt due in a lump sum or can I request Ito pay it in instalments through my tax code

Previous post from fengirl .. is wholly correct. And ... it can't be coded out, it is due in a single sum on or before 31.1.09. If you were to apply to pay that sum in instalments over a few months ..... the offer would normally be declined. On the proviso this is a Capital Gain .... and you've had both the time and money to make provision to pay.

sleepymans

Many Thanks for the helpful information.
The sum is likely to be only about £2k due so I though they might accept payment through my tax code. Oh well, as you say, I have got the gain and it is invested so I was just thinking I'd try to make the most of my little nest egg. No point doing that if I'll have to pay interest to the Revenue.

Thanks:money:

tighey

I believe you don't have to declare any individual disposals under £6k for Capital Gains tax. Also, even if you did have to declare this one, you could offset the amount against your annual CGT allowance (for 07-08 this stood at £9.2k).