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Topic: UK self-assessment and selling UK property question  (Read 864 times)

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UK self-assessment and selling UK property question
« on: June 22, 2014, 09:40:11 AM »
I'm in the middle of what I hope will be my last UK self-assessment tax return and I'm pausing over how to report the sale of our former home.  It's a UK property sold at a loss--so there isn't any capital gain to declare, but should I report it in the capital gains section?  And is there benefit to declaring a capital loss?  It looks like this can be carried forward, but it's not clear to me what the advantages are or what I might offset it against in the future.  Thanks for your help.


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Re: UK self-assessment and selling UK property question
« Reply #1 on: June 22, 2014, 01:20:17 PM »
Gains on the sale of an only or main residence are exempt from UK CGT. Periods of actual occupation are counted plus the last 18 months. The rules were slightly different before 6 April 2014 where the deemed period of occupation was 36 months.

Disposals of exempt assets are not reported on UK tax returns.


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