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Posted Mon, 31 Jul 2023 04:49:15 GMT by
Hi, I have a few questions on capital gains tax I will need to pay on property. I have being using the Gov website calculator to look at the tax i will owe. Property is a rental property thatIi am shortly selling (expected to sell in October). I once lived in the property so i know how many months from the total owned I can claim Private residents relief. I have read conflicting information regarding the final months you owned the property though and the allowance for that.......is it 9 months still? So i would have Total months owned - time lived there -'bonus' 9 months before sale = my percentage of relief can be worked out Secondly, I do the self assessment for my tax every year myself. When I sell the house what do I need to do in terms of declaring the CGT I owe? Do I notify within 60 days online but then fill in and pay as part of that years SA or do i need to pay the CGT straight away separately? Thanks
Posted Thu, 03 Aug 2023 15:07:56 GMT by HMRC Admin 10 Response
Hi
1. you get the additional 9 months at the end on top of the period you lived in it (this is assuming you were not living in it when sold as this would count as the final 9 months)
 2. you still need to report and pay within 60 days. you then also include a CG page on your return to show it again but also show the gain previoulsy declared and tax paid.
Posted Fri, 04 Aug 2023 03:22:26 GMT by
Thankyou for the reply, very informative and clear.

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