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Posted Tue, 04 Oct 2022 15:02:35 GMT by zontes
I propose selling a property abroad, it is my holiday home and never produced any revenue. Market price today is probably below that at acquisition; will I need to make a return or inform hmit if no gain made?
Posted Wed, 05 Oct 2022 15:57:36 GMT by HMRC Admin 2

If the sale is over £49200 you still need to report it.

This then allows any losses to be recorded for later use.

Thank you.
Posted Tue, 11 Oct 2022 09:07:07 GMT by zontes
I therefore applied for self assessment, but now find that the HMRC internal manual states: You still need to report your gains in your tax return if both of the following apply: the total amount you sold the assets for was more than 4 times your allowance you’re registered for Self Assessment As it appears that the transaction will be more or less neutral / or well within allowances then it indicates that should I have not asked for SA then no action is required..... can I now cancel SA and need not report?
Posted Wed, 12 Oct 2022 09:22:52 GMT by HMRC Admin 17

Please have a look at the self assessment criteria tool at:

Check if you need to send a Self Assessment tax return  . 

If after completing the tool, please contact the Self Assessment helpline, to request withdrawal of the tax return .

Thank you.

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