Do I need to report capital gains tax for property?

[Forestgirlie]

I have a property that I owned for ten years and rented out for two. I've done the number crunching and the allowable deductions mean I wouldn't have any Capital Gains tax to pay. Does anyone know if I still need to report this within 60 days of the sale? I'm finding the gov.uk website a bit obscure on this.

I think I have to report on self assessment form even if no tax due

If it's potentially taxable you should report it.

I guess if people only reported it if they agreed there was a liability we'd have a problem!!

Yes you should.

Yes and also you reoort exactly the same twice! Once afer the sale and then again on your tax return - as you are or have been a landlord you must complete a tax return

Rules used to be that if it had previously been your only or main property within the last 3 years you were exempt from CGT?

www.gov.uk/tax-sell-property/work-out-your-gain

No, you don’t have to report within 60 days if there is no liability to pay.

if the sale proceeds were over £50k though you will need to report on your tax return at the end of the tax year.

https://community.hmrc.gov.uk/customerforums/cgt/b37399d4-f242-ed11-97b2-00155d9c9a65

ETA:source

That’s literally how self assessment works. You report if you think you have a liability. You can get in trouble if you don’t report and you’re wrong though.

That’s not how our system works. SELF assessment. You report the facts, it’s up to the individual to get it correct, the tax man won’t work out any ‘potential’. She may however choose to check your work.

It got halved

What about if I sell a house we own to my daughter for less than half its market value?

We want to help her get on the UK property market, so don't want or need to sell it to her at full market value.

It's currently rented and has been for the last 16 years (we've lived elsewhere in the UK)...but before that we lived in it for a couple of years. Do we still need to pay CGT ...and do we declare the actual price we want to sell it at on the self assessment form...or the market value which is more than double that?

If your gain isn't over the personal allowance £6,000 for 23/24 tax year you dont have to complete a 60 day CGT return.

Yes and you need to use the market value.

The market rate is what counts. The reduction is a gift, but the tax is calculated at the full amount. No SDLT is due if no mortgage.