PTP TR - Claiming back an overpayment of Capital Gains Tax
Article ID
kba-03787
Article Name
PTP TR - Claiming back an overpayment of Capital Gains Tax
Created Date
13th May 2021
Product
Problem
Where an overpayment of CGT has arisen as a result of the disposal of a property, this is not being refunded via the Self Assessment tax calculation.
Resolution
Property disposals are reported within 30 days of the disposal via a separate HMRC system https://www.tax.service.gov.uk/capital-gains-tax-uk-property/start/report-pay-capital-gains-tax-uk-property?_ga=2.240606790.415839895.1604918429-1258266042.1576784658#howTo. However, during the completion of the Self Assessment return, it may come to light that other disposals/losses during the tax year may mean there was an overpayment of CGT at the time of the property disposal.
On Page TC1, box 5 reports Capital Gains Tax due (which cannot be negative) but there is no equivalent box for Capital Gains Tax overpaid. The HMRC calculation will automatically offset as much as possible against income tax and other SA charges. If there is still an amount remaining of CGT overpaid after this, it will be shown on the Tax Calculation Summary in PTP but HMRC will not automatically repay this amount. HMRC should be contacted on 0300 200 3300. Please see https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg-app18-320#reporting-for-tax-return-where-there-is for further guidance.
We are sorry you did not find this KB article helpful. Please use the box below to let us know how we can improve it.
