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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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My sister and I are both UK Non-Resident tax-wise for over

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My sister and I are both UK Non-Resident tax-wise for over 5 tax years.
We jointly owned a property in Italy sold in early 2014 after 10 years. Originally bought for Euros equivalent of £148,000, sold for £153,000 Euros-equivalent. So below the CGT £10900 threshold.
Do we have to actually fill in the CGT boxes of the Self-Declaration form or leave blank? We would not expect to be taxed anyway as Non-Res, but wanted to confirm if the Form's spaces need to be completed in the first place. Thanks
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

HMRC guidelines on reporting of capital gains --
You need to fill in the capital gains summary pages if ---
- you sold or disposed of chargeable assets which are worth more than £43,600.

As the property sold was worth more than £43,600, you should report it on your return.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 2 years ago.
Thankyou. Saw that on the HMRC website and just wanted to confirm if that x4 ruling did apply to us. Will fill in the CGT boxes then. Thanks, Angus
Expert:  taxadvisor.uk replied 2 years ago.
Angus, thank you for your prompt reply.

If you are happy and there are no more issues I will appreciate if you would kindly rate/accept the service I provided to ensure I get credited for it.

taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4942
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Expert:  taxadvisor.uk replied 2 years ago.
I thank you for accepting my answer.

Best wishes.

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