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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15946
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I owned a property jointly with my wife. We sold last year

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I owned a property jointly with my wife. We sold last year with a profit of approximately £40K after 9 years ownership. We are separately taxed. How do I show the joint ownership etc on a tax form?
Assistant: Thank you. Can you provide any more details to help us find you the right Expert?
Customer: Property purchased in 2006 for £194,500 and sold in September 2015 for £235,000.
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.

Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.

Customer: replied 1 year ago.
OK
Expert:  TonyTax replied 1 year ago.

You can mention that the property was jointly owned in box 38 of page CG2 of the Sa108 pages here. However, you each need to disclose your respective shares of the gain in your respective tax returns and provide HMRC with a calculation of the gain. If you use the HMRC tax return software, there is a worksheet you can user which does all the work for you in that it produces a PDF document in the format that they want. You just populate the boxes with the facts and figures and claims for reliefs. See page CGN3 of the notes here for the relief codes.

I hope this helps but let me know if you have any further questions.

TonyTax and other Tax Specialists are ready to help you
Customer: replied 1 year ago.
Thank You. That was most helpful.
Expert:  TonyTax replied 1 year ago.

Thanks.