Home For AAT student members AQ 2016 Professional Diploma in Accounting Personal Tax

Capital gains tax

vickibvickib Registered Posts: 2
If someone receives a deposit for a sale of a field in the 18/19 tax year but the rest of the money isn't received until the 19/20 tax year, does the deposit get entered on the tax return for 18/19, the deposit is less than the capital gains allowance? I was thinking the answer is yes but wanted to clarify

Comments

  • PeterCPeterC Registered, Tutor Posts: 190
    The timing of the gain isn't determined by the timing of the cash flows. What you need to know is the date when ownership of the asset changes hands.
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