We own a second property 50:50 and we are selling it for £98,000. As each share is below the 4x capital gains tax (CGT) limit and no CGT is due, does the sale still need to be reported to HMRC on completion?
Arthur Weller replies:
HMRC’s Capital Gains manual at CG10340, states as you have understood, that where the sales proceeds are less than 4 times the annual exemption (currently £12,300) and there is no CGT to pay, the taxpayer does not need to enter the sale on their self-assessment return. If there is no CGT to pay, the 60-day return after completion is not required.