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CGT Allowance on property sale

snowkinguk
Posted Tue, 02 Apr 2024 08:32:18 GMT by snowkinguk
Is CGT allowance based on when you submit the CGT to HMRC or when contracts were exchanged? i.e. we recently completed a property sale on the 25th March 2024. Will we get the CGT allowance based on the tax year 2023 - 24 which is £6000 if we submit after April 5th, 2024 or would it be the reduced allowance of £3000 for the Tax Year 2024 - 25?
HMRC Admin 32 Response
Posted Tue, 09 Apr 2024 12:16:43 GMT by HMRC Admin 32 Response
Hi,

It is generally when the contracts are exchanged unless there are any conditions attached. For your scenario you fall into 2023 to 2024 so get the £6000 allowance.

Thank you.

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