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capital gains question

(8 Posts)
HelenF35 Wed 01-Jun-16 21:45:40

When filling out my tax return I am trying to work out if I need to fill out the capital gains sheet once I sell my house. I will have a gain from the property sale (hopefully!) but it will be less than the annual persona allowance allowance after taking off prr and lettings relief. I don't think I have to fill it in as it says you don't need to if the chargeable gain is less than £11,100. I assume the chargeable gain is the gain after reliefs are taken off? Can anyone clarify? Thanks

Kanga59 Wed 01-Jun-16 23:27:12

I would have thought you do need to fill it in otherwise thy won't know you have used your allowances.

IceMaiden73 Thu 02-Jun-16 09:28:22

If it's your private residence and you have rented it out - no you don't need to fill it in

If it has been a rental property then you need to fill it in

lljkk Thu 02-Jun-16 09:33:22

I suggest ask on money-saving-expert forums.

IceMaiden73 Thu 02-Jun-16 20:06:52

lljkk - Well I'm an accountant so what I have said is correct

lljkk Thu 02-Jun-16 20:16:23

IceMaiden: So was OP wrong when she wrote:

"I don't think I have to fill it in as it says you don't need to if the chargeable gain is less than £11,100." Your previous post didn't address that specific point about the chargeable gain being below a form-waive threshold (which is why OP asked).

Kanga59 Thu 02-Jun-16 20:32:19

What if it was rented for 10 years, until a year ago when she moved back in?

SleepingTiger Sun 05-Jun-16 07:29:31

If it was your main residence and you let out a room and shared the kitchen, bathroom etc with the tenant, then no return necessary.
If you moved out and let it whilst living elsewhere, even if you rented, then you have to disclose the gain if the sale proceeds are more than £44,400.

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