Capital Gains Tax

[mudster]

I am selling a house I lived in for 16 years but been empty for the last 4 years and we are due to complete on 29th March. Mortgage was paid off a few years ago.

With allowances I have used a quick calculator to establish if there is a CGT liability and first indications suggest there is nothing to pay.

I would assume I need to complete a self assessment to declare the gain for those years I wasn't living there.

So my question, is this the correct way to inform HMRC?

Second question, when do I need to tell them? Can I do SA at any time in the next year (I note January seems to be the month most tax returns seem to be due). Having always been PAYE this is all a bit alien to me.

Any help would be much appreciated.

[Eric Mc]

If you sell the house before 5 April 2018, you will need to complete a self assessment tax return for tax year 2017/18.

If you sell it after 5 April, you will need to complete a self assessment tax return for tax year 2018/19.

Any CGT tax arising for 2017/18 is payable by 31 January 2019.

Any tax liability arising for 2018/19 is payable by 31 January 2020.

[mudster]

Many thanks Eric. Very much appreciated.

[Eric Mc]

Luckily, plans to introduce a 30 day tax payment deadline following date of transaction have been shelved for the moment. That is still likely to happen but not until 2020.

I foresee that this change will be disastrous.