CH 4 - Reporting of Gains & Payments of CGT

Question 1

When UK resident must report
taxable gain of UK residential property?

Answer 1

within 60 days of the complition of the disposal

(otherwis subject to penalties for late reporting)

(FA 2019, Sch 2, para 3(1))

Question 2

How self-employees report CGT?

Answer 2

on disposal of UK residents
the disposal must be reported twice
- within 60 days (using ‘capital gains tax on uk property
- annualy in a self-assessment tax return (on cap. gains pages of return)

other than UK residential property, taxpayers will report their capital gains via their self-assessment tax return with payment due on 31.01

Question 3

When is payment due on CGT of UK residential property?

Answer 3

within 60 days of completion

FA 2019, Sch 2, para 6(2))

Question 4

How ‘best estimate’ of the CGT due on the residentail property disposal is made?

Answer 4

using;
*annual exempt amount (AEA)
*capital losses up to the date of completion (only)

this is a pyament on account to offset any blance payable by follwoing 31. January

(FA 2019, Sch 2, para 17(3))

Question 5

How non-self-assessment taxpayers report gain?

Answer 5

using ‘real-time return
due to be submitted no later than 31. December following the tax year with CGT payable 31.01

31.12.2026 for tax year 05.04.2026 thus 2025/26)

Question 6

When taxpayer issued with a SA return making Capital gains does not need to report CGT?

Answer 6

When;
1. the cargeable gain is less than the annual exempt amount; and
2. proceeds of sale are less than £50k

applies to all asset disposals, incl. UK residentail property