I withdrew £11,700 from my SIPP. Income tax was collected at £3,632.06 (no idea how that was calculated), and I received the net amount into my account. I had no other income (21/22). The move income is below the threshold for paying tax so no tax is actually due. The HMRC have automatically refunded me this tax so that is all good.
I am now completing my SA and have entered the taxable amount of £11,700 and the tax paid of £3,632.06. The calculation now shows that they owe me this tax back - which they obviously dont as they have already paid this to me. How do I account for this on my SA so the calculation shows zero.
One option I guess is to change the tax paid to zero (as this is in effect what has happened after the refund). Or do I record this repayment somewhere that will balance the tax payment in the calculation to get it to zero?
But this wasn't my question. My question was specifically whether I can use any remaining Income Tax allowance against Capital Gain. The response from HMRC Admin 19 seems incorrect as when I now enter these in this year's SA, it does NOT take unused income tax allowances against CGT. They seem to be totally separate.
I retired from employment 2 years ago. However, in the 2021/2022, I received back pay that was due even though I was not employed in that tax year. This income was due to a pay rise that was back dated.
When completing my SA, how do I enter this.
I have to answer the following question as "No" - Were you an employee (or director or office holder) or agency worker in the year to 5 April 2022?, as I was not employed.
So where do I enter this income and tax paid from a previous employer?
I know that everyone has an allowance of £12,300 before CGT is payable.
However, is there additional allowance if income is below the £12,570 where income tax becomes payable?
For example, if income is £10,000, do you get a further allowance against CGT of £1,270 (the amount of income still available at 0%)?
I should have said that I am a UK resident.
The link that you posted seems to relate to non-UK residents.
Thank you for your answer.
Can I just ask one other question.
This sale is farm land - so not residential property.
Am I correct that because no part of this sale is residential property, that I dont need to do the 60 day registration of any capital gain, and can leave this until my normal self assessment return?
I am hoping that someone can help me with my query.
We have inherited some property (non-residential) from my parents. There was no IHT to pay.
The land was obviously valued for probate. Some of the land was sold from within the estate for more than the probate value and hence was liable to CGT from within the estate.
However, some of the land has passed to us as benefactors of the estate. We have immediately sold this land for more than the probate valuation, therefore CGT must be paid somewhere.
My question is where does the CGT liability(s) lie and how is it calculated?
I think there may be two options -
Do we (benefactors) calculate the gain of sale price over the probate valuation and we each pay personal CGT on this gain on our SA108 forms?
Or do we need a new valuation for the date the land was transferred from the estate to us; And the estate pays CGT on this new valuation less probate valuation; and that we pay personal CGT on the sale price less this new valuation?
If I complete two CGT worksheets, one for disposal of a residential property and another for disposal of shared as follows -
1. Residential property sold at a capital loss on £2000 (Box 7 "Losses in the year" on CGT form)
2. Disposal of shared with a gain of £200 (Box 26 "Gains in the year, before losses" on CGT form)
Obviously I don't need to pay any CGT, but I want to carry forward the loss, but do I carry forward the whole loss of £2000, or do I combine the loss and gain into a loss to carry forward of £1800.
Do I need to then complete Box 47 "Losses available to be carried forward" with the loss (either £2000 or £1800 depending on above)?
Are there any other figures, or boxes to fill in, I need to add to the form?
Thank you. Where can I find the worksheet you mention?
Hi, I am hoping someone can help me with completing my 2020/2021 SA CGT section.
We purchased a BtL property in 2005 (between 4 of us) for £66,000 (£16,500 each).
We sold it in September 2020 for £58,000 (£14,500 each),
There were costs of £2,000 (£500 each). so crystallised a loss of £10,000 - or £2,500 each in 2020/2021.
I wish to carry this loss into future years so wish to complete the CGT section of my SA.
I have added A CG Worksheet, entered the purchase and same dates.
I have added £14,500 in the "Disposal proceeds or market value" field I have added £500 in the "Incidental costs of disposal:" field
I have added £16,500 in the "Cost or market value (if appropriate):" field
This calculated the loss as expected.
Is this all I have to do? Do I need to complete any other fields. When I come to use this loss in a future year, where do I enter this value?
The HMRC page suggests that I need to upload my calculations, but I can't see what else I can add other than the details above (unless they want me to break the sale costs down - e.g. agent, solicitors, & search costs?