Jon Carr

I have just completed my self assessment and submitted. The calculation of income tax was correct and there is an overpayment which I will receive into my nominated bank account. The calculation of CGT was also correct and shows an overpayment because in addition to the gain on property I've already paid, there was a loss on shares to offset some of this. This overpayment appears not to be processed automatically as a result of filing self assessment. How do I get this refund?

I have a capital gain on property which I have already reported and paid tax on. I now have a small capital loss on listed foreign shares which I want to use to offset this gain a little. Gains and losses on shares are taxed at different rates so how does the calculation work? I am a basic rate tax payer and made £30,000 gain after the allowance so paid £5400 in tax at 18%. If I now make a £10,000 loss on shares at 10% does the new combined figure get used and some kind of blended rate or do I simply have the £1,000 loss (£10,000 at 10%) subtracted from the £5,400 already paid to leave a reduction of £1,000 claimed back through self assessment?

Thanks for your reply. 1. So no Form 17 is required? Please confirm. Do I just post a copy of the deed of trust to HMRC? 2. It’s a second home. Is this still a residential property which means she doesn’t have to report the gain of below 6k? Thanks for clarifying the others.

My wife bought a second home in 2011. We are looking to sell and have a deed of trust drawn up to make me a 90% beneficiary to utilise CGT allowances whilst the property will still remain in her sole name. 1. I understand that as it remains legally in her name, then no Form 17 is required and we don’t have to contact HMRC, merely use the appropriate percentages when we report the capital gain. 2. My wife’s gain will be below the CGT allowance of £6000. Does she still need to report to HMRC online within 60 days. Of course I understand I will. 3. I assume the purchase price for both of us is based on the original purchase price rather than any market value estimates? 4. For purchase expenses can we decide the split even though it was in her sole name. I provided some funds even though I didn’t assume any interest at the time. Or are they all assigned to her as the property was bought in her name. 5. For selling expenses, I assume we can agree that I meet them all or do they have to be allocated according to the beneficial percentages. 6. I assume when we report and pay based on expected income, the amount will be corrected if necessary at the end of the tax year in SA form based on actual income.

My wife has transferred some of her share of equity to me on our second home (using a solicitor so assume it's all legally correct). When selling I understand that the sale proceeds and selling costs can be split according to this equity split for CGT purposes to allow both of us to use CGT allowance. My question is how the purchase price is determined. She bought the property on her own but I assume for CGT purposes the purchase price for us both will be the same split as we currently have after the transfer so... Purchase price less costs was 160,000, Selling price less costs 210,000. If my beneficial interest is now 90% and hers 10% then I assume my CGT liability is 210,000 X 90% less 160,000 less 90% and hers is 10% of the same figures. If hers is less than the 6000 CGT allowance does she need to declare within 60 days? I assume I definitely will with my 90%. Also, my expected earnings in 22/23 are not yet known. I will of course estimate but will there be a correction on my self assessment form at the end of the year if it turns out the figure is different.