CGT on property gift
Posted: September 18th, 2021, 7:49 am
I understand that CGT on property gains has to be made and paid within 30 days of the transaction.
I have a gain on the sale of a gift from my father, so if I declare and pay CGT now, and make losses on my investments as planned before my next tax return for 2021-22, how do I set those losses against a tax already paid?
I will probably claim the annual exemption of £12,300 against the property CGT now, (together with exemptions for improvements,) as there will be no point in setting the annual exemption against investment losses later.
Will I have to make a further claim to set my investment losses against the property gain already made and paid? If so, how? It would mean a reimbursement of CGT. HMRC may be reluctant to repay me. I was intending to delay the property gain until I can sweep it up in my next tax return and set investment losses against it, but it seems that HMRC have set up the system so that I won't be able to do that.
I have a gain on the sale of a gift from my father, so if I declare and pay CGT now, and make losses on my investments as planned before my next tax return for 2021-22, how do I set those losses against a tax already paid?
I will probably claim the annual exemption of £12,300 against the property CGT now, (together with exemptions for improvements,) as there will be no point in setting the annual exemption against investment losses later.
Will I have to make a further claim to set my investment losses against the property gain already made and paid? If so, how? It would mean a reimbursement of CGT. HMRC may be reluctant to repay me. I was intending to delay the property gain until I can sweep it up in my next tax return and set investment losses against it, but it seems that HMRC have set up the system so that I won't be able to do that.