peterthompson

Thank you. The guidance seems to say that currently, it is married couples and civil partners who must make a declaration, and that unmarried couples can allocate the share of the business income or losses as they wish. Please will you comment on this and confirm that I have correctly understood the situation. If this is the case I assume that I would make the declaration for the full amount of the gain despite the fact that the property is owned jointly.

Thank you for the clarity of your answer.

We bought a cheap property which was in very poor condition over twenty years ago. There was no intention to sell the property for gain, but it did not become our primary residence as planned. The house was extensively renovated and extended, largely by ourselves, and although the work carried out has resulted in a significant and unusual increase in value, over that period of time no receipts or invoices exist. Is it acceptable to list the improvements with a cost breakdown to show how we have arrived at our expenses valuation, or will HMRC reject the claim?

A UK property will be sold within the 2024-25 tax year; it is jointly owned, a FHL, and qualifies for BADR at the current rate of 10%. I am aware that it needs to be reported by both owners using the online property account form. Do I overwrite the automated calculation and provide a calculation and the amount that I have worked out based on 10% of the capital gain?

My partner and I are not married nor in a civil partnership. We will be selling a FHL owned jointly. I have always elected to administer the business and to declare the income via self assessment. My partner is employed and is not registered for self assessment. Does the capital gain, which is eligible for BADR, need to to be divided equally, or can I make the declaration of a gain for the full amount?

Should I immediately report my 2014-2025 gain on sale of a FHL within 60 days and pay what is owed at 10%, or do I pay according to my personal tax liabilities and claim the relief, after the event, on my tax return.