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Self-assessment: Reporting no gain or loss on a property sale

4 points · submitted Oct 2023 by u/basicallydan · archived

During the previous tax year I sold my property for the same price I bought it for years earlier. I understand that I didn't need to report any capital gains to HMRC for this reason, but I'm doing my self-assessment now and one of the questions is about whether I disposed of any chargeable assets over £49k, which I did! But since there was no gain or loss, do I need to report this on my SA? No Googling or looking on this sub has been able to answer this question for me yet.

Any help would be appreciated, thanks.

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[deleted] 8 points · Oct 2023

Haven’t you answered your own questions?

Did you do something? (Yes). If so, you need to report it. Note that this is probably beneficial to you as you can also claim the costs associated with the disposal as a loss that you can potentially apply to other gains.

basicallydan [OP] 2 points · Oct 2023

!thanks

IlliterateNonsense 2 points · Oct 2023 · 14

Agreed on this. Also, not sure whether OP is including Stamp duty on the cost of the house, but if OP is excluding it for the cost base then that would be another cost to claim and generate a capital loss.

basicallydan [OP] 1 points · Oct 2023

Okay, thanks!

lokka19 3 points · Oct 2023 · 43

Was this your principal private residence or a rental property? If the PPR, then I doubt you need to report it. If BTL, then as the sales proceeds are more than 4x the current CG allowance of £6k, then yes you do.

basicallydan [OP] 3 points · Oct 2023

!thanks

If the PPR, then I doubt you need to report it

It was in that year, yes. The previous two tax years it was a rental property, though.

I guess because I rented it out for part of the time I owned it, I don't qualify for exemption.

lokka19 3 points · Oct 2023 · 43

Yes I would agree that some of your ownership does not qualify for PPR and so would need to be included on your return

basicallydan [OP] 1 points · Oct 2023

Coolio, thank you so much for your help!