CGT Return or not CGT- that is the question...

Another internet question that appeared recently where a non UK resident was getting a little confused related to a house he had inherited a share of.

Question: If you sell a house or a share of a house in the UK, do you need to pay CGT and do you need to declare it?  The answer can be different for residents vs non residents:

- if you make a taxable gain on the sale (so now >£3,000 per year) then yes you always need to declare and then pay within 60 days of sale.   

- if not, then UK tax residents generally do not need to worry.  However as a non resident you still need to do a CGT declaration within 60 days of sale.

Another confusion - this is not the same as UK (Income Tax) self assessment!  If you are not covered by UK self assessment then selling a house by itself does not mean you have to start doing tax returns in the UK.  If you have though been doing them - if you were a non-resident landlord for example - then you do need to declare the gain again when you do your self assessment return as your income can affect the amount of tax on the gain.  You are not taxed twice, but the CGT may change.

As usual. HMRC charge interest and penalties for not doing things.  Do not be caught out.  Of course, we can help.