andrew

In tax year 23/24 my wife and I disposed of 25% (ie 12.5% wach) equity of a property (total current market valued of £175k) by gift to our son. In accordance with advice received on this forum we both completed CGT declarations and returns via our personal HMRC Capital Gains Accounts for our portion of the transfer and and the calulations showed no CGT was payable since the total gain on each of our portions of the gift was less than the 6k annual allowance applicable at the time. HMRC acknowledged the CGT returns and our accounts show nothing is payable for this disposal. I would like to confirm my understanding on a couple of points: (a) Firstly, I submit an annual tax self assessment to HMRC. I had no other capital gains in 23/24 and want to confirm that I do not need to declare this disposal on my 23/24 self assessment form as the values of the asset I disposed of (12.5% of 175k) was less than 50k and the CGT on this disposal was less than 6k. Can you confirm my interpretation is correct before I submit my self assessment form, please. (b) Secondly, my wife doesn't submit a self assessment form and never has as her income status has never necessitated it. Does she now need to submit a self assessment for 23/24 to address the disposal of her portion of the property (which has also been reported in her CGT Account with HMRC, been acknowledged and shows no payment due). I don't think she does for the same reasons as in (a) but want to confirm my understanding as we would then need to apply for a UTR for her to complete a self assessment. Thank you in advance for your response.

I am retired and receive only an occupational pension altough I still pay higher rate tax and therefore complete a SA annually. When I check my PAYE Income Tax summary for 6 April 2023 to 5 April 2024 (ie current yax year) I see that in addition to my pension income there is several thousand in "non-coded income". The only other income I receive is from bank savings which would be declared as part of my Self Assessment return for 2023/24 - but clearly, that is not due untill next year and, anyway, I will not know the exact amounts untill the end of this financial year. Please advise how/where the amount of non-coded income comes from so that, if mecessary, I can check that it is correct? Alternatively, should I use the option offered the website to update (to £0) or remove the non-coded income amount completely since I don't recognise the figures quoted?

I saw that there was a calculator - but I thought it said it couldn't be used if only a share of the property was being disposed of. Please clarify if we're talking abou the same calculator. Whether I calculate manually or using a calculator, how do we inform HMRC of the results and how long do I have to do it? On my self-assessment tax return for 22/23 one of the options seems to be to declare CGT and yet elswhere I've seen advice that indicates I need to report/pay CGT within a couple of months of the disposal. Please advise.

I've just completed the transfer of 25% of a property to my son. The property is jointly owned with my wife. My wife and I retain 75% equity. We have owned the property for several years so there is a capital gain. How to my wife and I go about calculating the CGT payable and how/when do we report this to HMRC?

I have a property (house) which I will be transferring to a child in the form of a gift. This is not my primary residence. When assessing the current market value for the property what sources/evidence do HMRC accept? For example, I bought the property a few years ago and can estimate current market value using the Nationwide Building Society (or similar) house price calculator which estimates current value based on purchase price/date and subsequent price variations since then. Would HMRC regard this as an accetable source for the purposes of CGT calculation?

I currently own a second property jointly with my wife. We want to transfer 25% of the equity to my son with my wife and I retaining the other 75%. The property was bought about 10 years ago for 100k and we currently estimate the value to be about 200k. I assume that CGT is payable but would like to confirm that it is only due on 25% of the capital gain (ie 25k) and that my wife and I would share the gain equally - therefore both having an ellowance exemption of 6k giving a taxable gain of 13k which we would share equally and each pay at our marginal rate.