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Posted Wed, 05 Jan 2022 12:47:57 GMT by ilnomis
Hi, I'm about to sell my property and would like to know the following questions: 1: I will be making a loss once I sell my property and I understand that I can report that to HMRC online. Where exactly should I report this? I've been doing my own online self-assessment since 2016/17, would it be separate to that? 2a: The property I'm selling is also my only rental property and so once that is sold, I will no longer need to do a self-assessment report. Do I wait until the 2022/23 tax year (i.e. April), fill in my last self-assessment or would I be doing this when I fill for the loss I made from selling the property? 2b: As it'll be my last self-assessment report (for now anyway) do I need to state that it'll be my last? 2c: If say in three year's time that I need to fill in a new self-assessment report, would there be any problems with that? since there is a gap of three years. 3: I assume that any profit or losses from a rental property sale would be considered a CGT filling. If so, I presume I can carry the losses for filling any future profits from say shares trading? Thank you
Posted Fri, 07 Jan 2022 16:44:52 GMT by HMRC Admin 19

You would need to enter the details in the capital gains section of the return, and either complete our worksheet to back up the loss or attach your own calculation. You can see guidance here:

Self Assessment: Capital gains summary (SA108)

There is a box here where you then enter the loss rather than profit. The loss will be there to carry forward when required.

If no other criteria is met for Self Assessment then you will no longer need to complete returns.

If you enter on the rental property section that rental income has ceased your record should be automatically closed. 

Thank you.
Posted Wed, 26 Jan 2022 20:30:10 GMT by ilnomis
Hi, I've sold my property at a loss. I just wanted to double check that I do not have to report it within 60 days and so I can just do a self assessment on/after April 6th 2022? Thank you
Posted Thu, 27 Jan 2022 15:30:08 GMT by HMRC Admin 2

If there is no gain to report then you do not need to tell us within 60 days.

You can report this on your tax return instead.

Capital Gains Tax

Thank you.

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