holiday home sale share

[mutantpoodle]

am selling a holiday home in which i have a share
should I show on my tax return the 100% sale deal and add that i only have a share
or
should I show all relevant info in respect of my actual share, having shared correctly all associated costs

my worry is that by showing 100% sale figs the HMRC computer will not read/find my share and tax me accordingly

[monabri]

I believe you state your percentage of the sale price. Then when it comes to the Capital Gains Tax calculation you state what you receive after allowable costs ( your share of estate agents, solicitors fees, personal CGT allowance).


https://www.gov.uk/tax-sell-property/work-out-your-gain


( and it seems any CGT must be declared ( and paid?) to HMRC within 60 days of the sale.)

[mutantpoodle]

( and it seems any CGT must be declared ( and paid?) to HMRC within 60 days of the sale.)

how does that work bearing in mind overseas CGT is due in a subsequent tax year (different tax years) and does not provide any options for carried forward losses etc in UK for offset
nor for payment made in UK that complied with our 60 days

or for slow payment by overseas solicitors and money transfer

[genou]

( and it seems any CGT must be declared ( and paid?) to HMRC within 60 days of the sale.)

how does that work bearing in mind overseas CGT is due in a subsequent tax year (different tax years) and does not provide any options for carried forward losses etc in UK for offset
nor for payment made in UK that complied with our 60 days

or for slow payment by overseas solicitors and money transfer

The 60 day rule is for UK property only. Foreign assets still work on the old timetable.

[mutantpoodle]

many thanks both helpers..........so far!!

ok
one of the other owners 1/4 share
does not own any other property here or anywhere
he rents here in UK for time being (is english for tax man purposes)

would this sale be deemed as a second home sale for him...ie taxable gain if applic
or not needed to be shown/declared as not 2nd owned property

[gryffron]

one of the other owners 1/4 share
does not own any other property here or anywhere
he rents here in UK for time being (is english for tax man purposes)

would this sale be deemed as a second home sale for him...ie taxable gain if applic
or not needed to be shown/declared as not 2nd owned property

You have to live in it to claim the “main residence” CGT exemption.
https://www.taxinsider.co.uk/how-to-nom ... sidence-ta

Gryff