Do I need to complete a self-assessment tax return if I have done a capital gains tax return?

Your personal circumstances will determine whether that is the end of the process or not.

If you already complete a self-assessment tax return, then you will still need to do so, and will need to report the gain on the tax return. If there is any additional capital gains tax (CGT) to pay, then this can be paid via self-assessment. Discussions are ongoing between the professional accounting bodies to clarify the process where a refund of CGT is due and whether this can be reclaimed or offset against other self-assessment liabilities, but the current guidance is that if a refund arises, it will need to be claimed separately from HMRC rather than being offset against other liabilities.

If you don’t already complete a self-assessment tax return, you won’t need to register for self-assessment and complete a return unless there is any other reason why you might need to do so.

Rates of capital gains tax are geared to your personal income tax rates, and when the 30/60 day return was completed, an estimate of your other income for the year would have been provided to HMRC.

Once actual income details for the year of sale are known, if you aren’t otherwise required to complete a self-assessment return, an amended 30/60 day CGT return can be submitted to declared the correct tax liability and an additional payment made, or refund claimed at that point.

TaxAssist Accountants are well versed in the process for 30/60 day CGT returns for residential properties and can handle the entire process for you, including the self-assessment tax return if required. 

If you would like any advice or assistance in this area please contact us on 01689 897971 or use our simple online contact form to arrange a free initial consultation.

Date published 15 Oct 2021 | Last updated 20 Mar 2024

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.