According to the HMRC website, you don't declare the sale of your main
home on your tax return (because there's no tax to pay nor losses to
If you don't normally complete a tax return then you don't need to
declare a sale if you have no tax to pay.
If you normally complete a Self Assessment tax return (I do) then you
need to complete the capital gains tax page if your chargable gains
before deducting losses are more than the annual exempt amount (10900)
if the total amount you received from selling or disposing of assets is
more than 43600 (for 2013-2014)
What happens if you sell a property that was your main home but doesn't
qualify for 100% PPR relief.
Property sells for 200000. Originally bought for 100000 with 90% PPR
The "taxable proportion" of the asset sale is 20000 (which is less than
43000) and the taxable gain is 10000 (which is less than 10900)
Assuming no other gains or losses, would this still need to be declared?
I don't see why it would be based on the sale price of 200000 (greater
than 43600) when if PPR is 100% then you don't have to declare it but
I'm likely to be in this situation in the 2014-15 tax year so I'd like
to know now if I'm going to have one more headache to deal with on my
next tax return.
Also, assuming that I do have to declare it, would the numbers as given
above be sufficient - or would I have to go through and dig out things
like solicitors fees etc when it's not going to affect the amount of tax
(I had thought that there was the last three years of ownership counted
to PPR but I've discovered that that's been shortened to 18 months for
this tax year.)
- posted 6 years ago