RE:Reporting CGT on Overseas Property sale

Thanks for your reply HMRC 5. The sale of our foreign house took place in Nov 2023 so this information wouldn’t normally have been submitted in a self-assessment form to HMRC until later in 2024. Can I submit self-assessment now to avoid losing £3k CGT allowance when the change takes place in April? If so, would I be filing a late SA for 22/23 or an early one for 23/24?Or is there another way I can avoid losing this allowance? Thanks

Hi pijin4,T
The capital gains allowance applies for the 23/24 tax year so as the property was sold in November 2023, you will still be entitled to the £6000 allowance when you submit the 23/24 tax return.
It doesn't matter that you are telling us the information in the 24/25 year - it is income for 23/24.
Thank you. 

Thanks for your helpful reply HMRC Admin 25.

I know that I have to file a Self Assessment return regarding the capital gain from the sale of an overseas property, my question is that as the proceeds are split 50/50 do we each have to indicate that it is a half share under Any Other Information (54) and if so do we give the UTR of that person.

I know that I have to file a Self Assessment return regarding the capital gain from the sale of an overseas property, my question is that as the proceeds are split 50/50 do we each have to indicate that it is a half share under Any Other Information (54) and if so do we give the UTR of that person.

Hi TarquinRK,

As the property is 50/50, each owner must declare their share of income and expenses. This doesnt need to be on a tax return as you can use the real time system.

Report and pay your Capital Gains Tax

Thank you.