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Rental Property - Capital Gains Tax ?
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Tim D
Posted: 21 May 2021 13:49:00(UTC)
#11

Joined: 07/06/2017(UTC)
Posts: 8,883
Maybe worth being aware that (although it depends a bit on the timing of the transaction) you can get HMRC to check it approves of any of the relevant valuations in advance of actually filing using a CG34 form

https://www.gov.uk/gover...-for-capital-gains-cg34

(Although with a potential 3 month wait that doesn't seem very useful if CGT on property transactions are payable in 30 days of the transaction. Don't think that applies to corporations though; more on the 30 day thing at https://www.saffery.com/...tal-gains-tax-reporting )
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Michael Grimes
Posted: 21 May 2021 16:12:15(UTC)
#12

Joined: 14/07/2015(UTC)
Posts: 86

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Tim D;170820 wrote:
Maybe worth being aware that (although it depends a bit on the timing of the transaction) you can get HMRC to check it approves of any of the relevant valuations in advance of actually filing using a CG34 form

https://www.gov.uk/gover...-for-capital-gains-cg34

(Although with a potential 3 month wait that doesn't seem very useful if CGT on property transactions are payable in 30 days of the transaction. Don't think that applies to corporations though; more on the 30 day thing at https://www.saffery.com/...tal-gains-tax-reporting )



It does seem a nonsense probably because the 30 day rule has only just come in. Before I knew about the cg34 form I wrote to HMRC capital gains tax queries as there is no email and the phone help line is a joke. I sent it off a few days before completion requesting urgent advice. Needless to say I haven't had any acknowledgment let alone answers to the queries.

The other little wrinkle is the 30 days start from the date of exchange of contracts - not the completion date
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1 user thanked Michael Grimes for this post.
Tim D on 21/05/2021(UTC)
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