Anne Collins

Registered with
Thursday 8th June 2017

Latest Comments

Total Number of Property118 Comments: 2

Anne Collins

21:37 PM, 14th December 2020, About A year ago

30-day CGT rule on property and non-property disposals?

Having been through a similar situation, I would report the sale and claim the amount of CGT personal allowance equal to any gain just to cover yourself. You have to report it all again on your annual tax return anyway so all gains/losses for the whole tax year will be recalculated at that point. HMRC will either request any further CGT or make a refund depending on the final CGT calculation for all disposals in the tax year.... Read More

Anne Collins

15:48 PM, 7th December 2020, About A year ago

New 30 day CGT reporting and split commercial/residential property?

Having been through the 30 day CGT declaration process and lots of discussions with HMRC, I can now confirm that if you have a mixed commercial/residential premises e.g. a shop with a flat over, and it was let out so no business relief could be claimed, then you apportion the proceeds (and purchase price) between residential and commercial. You declare and pay any CGT on the residential element within 30 days. The commercial element of the sale is treated as a separate transaction and is only declared when you do your tax return for the year. Any CGT is then calculated as part of your normal annual tax assessment at that point. It is bizarre to have to report CGT in 2 stages on the same property disposal, but up to 21 months apart! But I hope this helps others faced with a similar situation.... Read More