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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5027
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I have registered for self-assessment tax return for the

Resolved Question:

I have registered for self-assessment tax return for the first time as I thought I would have to pay some Capital Gains Tax.
Turns out, I might not have to pay anything.
Do I still have to file a tax return even if I will have nothing to pay?
Submitted: 27 days ago.
Category: Tax
Expert:  taxadvisor.uk replied 27 days ago.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Expert:  taxadvisor.uk replied 27 days ago.

Thank you for your question

As you have registered for self assessment and you have a notice to file a tax return, you must file one notwithstanding the fact there may be no tax to pay. You say you thought you would have to pay some capital gains tax.

You are required to complete supplementary pages "Capital Gains Summary" if

- you sold or disposed of chargeable assets which were worth more than £44,400

- your chargeable gains before taking off any losses were more than £11,100 (‘annual exempt amount’)

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 27 days ago.
My case is the following:
- Before moving to the UK in 2007, I inherited a property with my sister in my native country Germany (no tax to pay on this property in Germany). She lives in this property (always rent-free).
Now she has been able to pay me out of my half of the property and the "disposed assets" are more than £44,400, that is why I thought I had to file a tax return and registered.
I do not own any other home and have always lived in rental accommodation in the UK.
Do I qualify for Personal Residence Relief, as this share of the property was my only property, even though I lived somewhere else due to my work?
Expert:  taxadvisor.uk replied 27 days ago.

Thank you for your reply.

Provided the property was your only property that was deemed your main residence, you would be able to claim private residence relief. You are requested to read allowed period of absence after example 4.5 here to ascertain if you qualify for private residence relief

https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief-2017--2

I hope this helps.

Customer: replied 27 days ago.
The property was my only property, but I have not lived in it at all, as I work abroad.
What would this mean?
Expert:  taxadvisor.uk replied 27 days ago.

You stated that you never lived in the property.

I doubt you would be entitled to private residence relief in full.

What brought you to the UK?

Many thanks

Customer: replied 27 days ago.
Thanks for the replies.I have lived in the property for 19 years during my childhood until 1996, but left when I started university and later started working in Germany too far away to be able to live in the property. My sister and I inherited it in 2006, upon the death of my father.
I came to the UK for work and have been in full-time employment until disposing of the house.
Expert:  taxadvisor.uk replied 27 days ago.

You can try claiming prr on the basis you have been in full-time employment until disposing of the house.

I hope this is helpful and answers your question.

If thereare no more issues, I will appreciate if you would kindly rate my service/accept the service I have provided before you leave the site, to ensure I get credited for it by Just Answer.

taxadvisor.uk and other Tax Specialists are ready to help you
Customer: replied 27 days ago.
Thanks for the help. I will see what I can do.