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Posted Mon, 29 Jan 2024 13:52:59 GMT by
Hello, I bought a flat in 2014 and then gifted it to my brother in June 2022. At the time of instructing solicitors to carry out the transfer I had the flat professionally valued by a chartered surveyor in February 2022 and the value was found to have been lower than the purchase price when I bought it. (The overall value was still higher than £49,200 when disposing of the asset). As there was no capital gains tax to pay I did not report and pay within 60 days. Do I still need to report this disposal and capital loss in my Self assessment tax return for 22-23? I fill out self-assessment tax returns anyway for other reasons. Many thanks
Posted Thu, 01 Feb 2024 09:19:05 GMT by HMRC Admin 5
Hi

Yes you will still report this on the 22/23 tax return and the capital loss can then be carried forward to be used at a later date.

Thank you

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