Reporting Gains Flashcards
Reporting Gains
When Must UK Residential Property Disposals be Reported to HMRC?
Within 60 Days of Completion.
Penalties For Late Reporting - FA 2009, Schedule 55
Reporting Gains
An Online Property Return Must Include:
- A Calculation of The Chargeable Gain; and
- A Computation of The Tax Due.
Not Required if No CGT is Payable.
Reporting Gains
When Must UK Residential Property Disposals be Reported Twice?
If a Notice to File is Received.
Reported on the Capital Gains Pages of The Tax Return.
Reporting Gains
When is The Date of Disposal?
The Date Contracts Are Exchanged.
Reporting Gains
Why is The Payment on Account an Estimate?
The Vendor’s Taxable Income is Unknown.
An Estimation of The Basic Rate Band is Therefore Made.
Reporting Gains
What is The Payment on Account Deducted From?
The CGT Due For The Tax Year.
Balances Are Payable 31 January Following The Tax Year of Disposal.
