60 day CGT return - no tax due

Didn't find your answer?

A client has sold a BLT property and they have made a £200 gain!  No other disposals in the year.  Is there any mechanism to inform HMRC that the CGT return isnt due? 

The disposal does need to be included on the tax return as the proceeds exceed 4 times the annual allowance.

What does HMRC use to determine if a fine is sent out of not?  This is the first one I had dealt with that doesnt require the CGT return so wanted to check.

Replies (11)

Please login or register to join the discussion.

avatar
By Liam.em
20th Sep 2022 11:21

A 60 day return is not due as the gain is fully covered by the annual exemption.

The disposal will still need to be reported on the relevant SA tax return as usual.

Thanks (0)
Replying to Liam.em:
avatar
By Wanderer
20th Sep 2022 11:48

That depends on whether the client is UK resident or not.

Thanks (0)
Replying to Wanderer:
avatar
By Liam.em
20th Sep 2022 14:12

Yes very true.

Thank you for the addendum.

Thanks (0)
By ireallyshouldknowthisbut
20th Sep 2022 11:28

The fines are triggered as far as I can tell by filing one after the deadline. Bit like how Companies House works.

I don't think HMRC really have a clue if you *ought* to do one, until you send in the SA return.

Thanks (1)
Caroline
By accountantccole
20th Sep 2022 11:48

Picturing a Bacon, Lettuce and Tomato sandwich shaped property.... think it is lunchtime

Thanks (10)
Replying to accountantccole:
avatar
By Paul Crowley
20th Sep 2022 12:10

Brilliant

Thanks (2)
Replying to accountantccole:
avatar
By Winnie Wiggleroom
20th Sep 2022 14:16

Must have been a mid terraced - sandwiched between two identical houses

Thanks (3)
avatar
By SimonStone
21st Sep 2022 11:48

As Liam.em has said - unless the client is a UK resident then nothing to do at this stage.

'An individual only has to pay the CGT and report the gain to HMRC within 60 days of completion if CGT is actually payable on the gain. If no CGT is payable, then there is no requirement to report the gain within 60 days of completion.

However, non-UK residents must declare such disposals from 6 April 2020, under the new regime, regardless of whether a chargeable gain arises or not.'

Thanks (0)
Replying to SimonStone:
By Paul D Utherone
21st Sep 2022 12:26

SimonStone wrote:

As Liam.em has said - unless the client is a UK resident then nothing to do at this stage.

You me IF not UNLESS don't you? :)

And in answer to the OP, No I do not believe that there is a mechanism. As with all SA you decide on the rules and if a return is not required you might want a file note, or exchange of emails setting out reasons why nothing need be reported now, but that should be it. You then have evidence of steps taken

Thanks (0)
Replying to Paul D Utherone:
avatar
By SimonStone
21st Sep 2022 12:34

I absolutely do, yes!!! Or perhaps to add a 'not' between the words 'is' and 'a'!

Just checking to see if anyone was paying attention of course........ :)

Thanks (0)
Replying to SimonStone:
By Paul D Utherone
21st Sep 2022 13:42

:D ... and I meant MEAN not ME - face/palm

Thanks (0)