Capital gains tax hmrc manual

UK is being rebuilt — find out what beta means. This manual is to help people compute chargeable gains and allowable losses for both capital gains tax and corporation tax purposes or check computations. It supplements the basic guidance in the tax return and Help Sheets. It is written primarily for HMRC staff but it will also assist customers and their professional advisers. Customers filling in tax returns may not need to use the Capital Gains Manual at all.

You can get basic information on how to compute chargeable gains and allowable losses from the Capital Gains pages of the tax return and the related Help Sheets. The "Published Date" at the top of a page is the date when the page was loaded onto the website.

The content of a page in this manual will be older than the published date. To help us improve GOV. It will take only 2 minutes to fill in. Cookies on GOV. UK We use some essential cookies to make this website work. Comprehensive support for Tax practitioners each month from the Tax Faculty and expert contributors.

Expert advice from the Tax Faculty's technical managers on all the developments in tax policy and practice. Skip to content. Back to top. Reporting of capital gains tax on disposals of UK residential property has been beset by problems since its introduction in April ICAEW understands this work is in hand but is not aware of the timing for implementation. This error has now been corrected and the penalties cancelled. HMRC will be writing to all affected taxpayers to notify them of this error and reassure them that the incorrect penalty has been cancelled.

Where the penalty has already been paid, HMRC is arranging refunds: in some cases, taxpayers will be asked to supply bank details to facilitate the refund. ICAEW is concerned that the digital service is not accessible to many that need to use it, with the result that significant numbers of CGT returns are being filed on paper.

Discussions with HMRC continue but improvements are unlikely in the foreseeable future. As of the beginning of December , HMRC was processing paper returns from October , although a small number of older cases with amendments or additional returns are outstanding for longer. Where a paper return is filed payment is due 30 days from the date of the HMRC demand this has been increased from 15 days.

ICAEW and other professional bodies are continuing to engage with HMRC on what might be done to raise awareness of the requirements which continues to be poor.