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Posted Sun, 28 Jul 2024 22:49:41 GMT by David Selwood
I am in the process of filing my 2023/24 self-assessment online regarding the sale of a second property. The capital gains section and calculations do not appear to take account of the capital gains tax allowance. The CGT allowance for 2023/24 is £6,000. Please, what should I do?
Posted Thu, 01 Aug 2024 14:04:20 GMT by HMRC Admin 32 Response
Hi,
If selling a 2nd property, the capital gains allowance will have already been used on the frst one. It is one annual allowance and not per transaction.
Thank you.
Posted Sun, 01 Dec 2024 17:31:15 GMT by Nicholas Webb
I am about to submit my SA for 2033/24 and understand I have to complete the CGT section, even though I completed a CGT return for a properly sold in 2023, and paid up immediately in full. In the CGT section on SA online, there are no boxes to enter either the amount of the PRL claimed, or the allowance. Regarding the former, does box 22 ask for the Gross gain or Net gain i.e. should I subtract the PRL amount from the gain? As it stands, my SA calculation is asking for an additional even larger dollop of tax on top of the CGT amount charged which I paid in 2023! Thanks for any guidance.
Posted Mon, 02 Dec 2024 17:10:48 GMT by Nicholas Webb
PRL above should be PRR = Private Residence Relief
Posted Thu, 05 Dec 2024 16:45:10 GMT by HMRC Admin 20 Response
Hi Nicholas,
When completing the CG page, you show the disposal as the amount sold, your expenses are then the purchase price and legal costs.
The gain made is where you deduct the amount claimed for private resident relief.
You then need to state that you are claiming an election and use the drop down box to the PRR.
Thank you.

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