The Lemon Fool

Hi, if I sell a property then declare and pay Capital Gains Tax (CGT) on it do I then have to declare the proceeds of the sale for Income Tax purposes?

I ask because having used the gov.uk facility to calculate my CGT, and having paid it last year, I was asked all about the sale again on my self-assessment tax return and the bottom line is that they seem to want a further five figure sum from me. They do not appear to have even referenced the CGT that I already paid (and there was no obvious place to enter it).

Thanks,
Chris

csearle wrote:Hi, if I sell a property then declare and pay Capital Gains Tax (CGT) on it do I then have to declare the proceeds of the sale for Income Tax purposes?

No (although you might still need to (re)declare it).

csearle wrote: They do not appear to have even referenced the CGT that I already paid (and there was no obvious place to enter it).

I did this on my return. In the Capital Gains Tax summary I filled in box 3, with the number of disposals (which was 1), box 4 with Disposal Proceeds, box 5 with Allowable Costs, box 6 with the Capital Gain, box 9 with the Capital Gain net of other losses (box 6 = box 9 for me) and box 10 with the tax I'd already paid on the gain. I think it may be box 10 you haven't completed and need to.

fisher wrote:

csearle wrote: They do not appear to have even referenced the CGT that I already paid (and there was no obvious place to enter it).

I did this on my return. In the Capital Gains Tax summary I filled in box 3, with the number of disposals (which was 1), box 4 with Disposal Proceeds, box 5 with Allowable Costs, box 6 with the Capital Gain, box 9 with the Capital Gain net of other losses (box 6 = box 9 for me) and box 10 with the tax I'd already paid on the gain. I think it may be box 10 you haven't completed and need to.

Excellent. Thank you so much! I will revisit the return. C. <3