What's the 2016/17 R40 Repayment Claim Deadline

16/17 deadline for R40 is 5.4.21 but what if there is a one-off small CGT liability

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Client is a historical R40 repayment claims case.

But for 2016/17 his tax position is:

Income tax refund due £500 minus CGT due £100 = £400 net income tax refund.

So, does the 5.4.21 deadline apply or the 31.1.18 deadline.

By the way, I have good reason for asking what, on the surface, looks like an silly question.

 

Replies (4)

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By Accountant A
14th Dec 2017 21:26

penelope pitstop wrote:

By the way, I have good reason for asking what, on the surface, looks like an silly question.

Do tell!

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Scooby
By gainsborough
15th Dec 2017 11:44

The notes for R40 do say "You must complete a Self Assessment tax return if you have Capital Gains Tax to
pay, even if overall you’re due a repayment of tax for the year".

The alternative would be to use HMRC's real time capital gains tax service to report the gain, but the deadline for that is still 31st January 2018.

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Replying to gainsborough:
By penelope pitstop
15th Dec 2017 13:10

Thanks for that. I had not realised that form R40 (CG) had been abolished on 5.4.11.
So that means that I will have to register for Self Assessment urgently, because form R40 just cannot be used to report capital gains at all.
Interesting what you miss sometimes.

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Replying to penelope pitstop:
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By Mr Trellis of N Wales
15th Dec 2017 20:08

What you have also missed is HMRC's promise in "Your Charter" to help keep compliance costs to a minimum. I would send a CGT comp with the R40 and quote the charter in the covering letter (doing this way will also save HMRC money). Contrast Gainsborough's quote with 'non-complex' estates with tax to pay, where HMRC are quite happy to accept a letter and a cheque for up to £10K.

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