Sixty days to report it, and the exemption is now £3,000
Capital Gains Tax on Property
It was £12,300 in 2022/23, so any sum you did a few years ago is thousands out. Improvements add to your base cost, repairs do not.
Capital Gains Tax on Property
Eighteen and twenty four per cent, a £3,000 exemption, and sixty days to report it.
The parts people get wrong
Only the unused part of your basic rate band is taxed at 18 per cent. Everything above it is 24, so a higher rate taxpayer pays 24 on the whole gain.
The exemption is £3,000. It was £12,300 in 2022/23, so a calculation from a few years ago understates the tax badly.
Improvements add to the base cost. Repairs do not, because they were deducted from rental profit at the time. Claiming the same spend twice is the commonest error here.
The return and the payment are due within 60 days of completion. Not with the tax return, and not from exchange.
Take the workbook
The full calculation with the base cost built up line by line, and the 60 day deadline dated from your completion.
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RESOURCES
Fresh takes on business and accounting.
Trading profit is split on a time basis. Interest, rent, gains, donations and dividends each follow their own rule, and mixing them up misstates both accounting periods.
A long period of account needs two separate capital allowances computations, and since April 2026 they are not even calculated at the same writing down rate.
Company law allows accounts to run for 18 months; corporation tax never allows an accounting period longer than 12. Here is how the split is drawn.
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