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Posted Mon, 31 Oct 2022 10:41:09 GMT by zontes
I am a pensioner with an additional small income from the let of a property I part own. I completed SE for some years, but as my total income was way below taxable amount I was sent a "withdrawing a notice to file" letter 3 years ago. HMRC confirmed that this would be ongoing unless significant change to my income occurred. My situation remains unchanged, although I have completed a capital transaction in excess of £50,000 but with capital gain below annual allowance..... as the rules state that a declaration is only required if over 3 times allowance AND if a SE return is submitted, can I safely assume that no return is necessary?
Posted Thu, 03 Nov 2022 14:24:01 GMT by HMRC Admin 19

Where a capital gain arises with a disposal value in excess of £49200 and you are required to submit a Self Assessment tax return for any other reason, then you need to declare the gain, even if there is no Capital Gains Tax to pay. Where both criteria are not met and there is no tax to pay, there is no need to declare the gain.

Thank you.

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