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Posted Mon, 21 Oct 2024 14:17:32 GMT by Alan Liu
If two properties are disposed of in the same tax year on different dates and both are liable for CGT, how should the CGT return be filled in for the second disposal. I presume that we should enter the same amount for our taxable income in the tax year and enter £0 for the Annual Exempt Ammout. But there is no provision for filling in the capital gain made in the previous disposal, If we file CGT for the second disposal a day after submitting the first one, should we just assume that HMRC will know about the capital gain made in the first disposal when working out the CGT for the second disposal. The gain in the first disposal would have overreached the threshold for basic rate CGT and I presume the entire gain made in the second disposal should be taxed at the higher rate rather than a mix of basic and higher rate.
Posted Mon, 28 Oct 2024 16:34:55 GMT by HMRC Admin 18 Response
Hi,

When you report the 2nd disposal, it asks you to give a total for the year to date to take into account any disposals already declared.

Thank you.

 

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