CGT figures and joint ownership
CGT figures and joint ownership
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Discussion

rfisher

Original Poster:

5,064 posts

313 months

Sunday 29th July 2018
quotequote all
On a self assessment tax return cgt bit, for a 50:50 jointly owned sold property, at what point do you split the figure in half?

So if the purchase price was £100,000 and you sold for £300,000, making a capital gain of £200,000 (ignoring deductible figures for simplicity eg sdlt, conveyancing fees), do you use those figures on the SA cgt form?

Or do you use £50,000 pp and £150,000 sold price?

I can't see an obvious way to tell HMRC about joint ownership on the form.

Edited by rfisher on Monday 30th July 00:00

Eric Mc

125,680 posts

295 months

Monday 30th July 2018
quotequote all
You just put your share of the figures on your own personal tax return.

HMRC provides what they call "white space" on tax returns which are extra large boxes and they expect a taxpayer to insert additional details in these boxes if the taxpayer thinks they need to provide this information to HMRC.

If the white space is not sufficient, HMRC allows additional schedules and computations to be provided.

The tax software I use allows all these "add-on" bits to be submitted alongside the basic tax return.

rfisher

Original Poster:

5,064 posts

313 months

Monday 30th July 2018
quotequote all
Thanks Eric.

So in the previous example, £50,000 pp and £150,000 sale price?

Eric Mc

125,680 posts

295 months

Monday 30th July 2018
quotequote all
rfisher said:
Thanks Eric.

So in the previous example, £50,000 pp and £150,000 sale price?
Not doing the calculations for you smile

I'll explain the principles but I don't do the sums.

LivingTheDream

1,768 posts

209 months

Monday 30th July 2018
quotequote all
yes - split all the figures in half

from purchase to costs to sale

go on the website and it takes you through each bit and calculates it for you.

https://www.gov.uk/tax-sell-property/work-out-your...


rfisher

Original Poster:

5,064 posts

313 months

Monday 30th July 2018
quotequote all
Ok thanks.