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Posted Tue, 17 Dec 2024 16:51:09 GMT by Fi Rich
How to report Capital Gains on FHL property sale November 2024? 1. Can I report and pay on CGT real time transaction as commercial ( FHL classed as a Trade). 2. Can I then claim BADR relief as qualified as FHL over 3 years and sold as a going concern, on my Tax return 2024-2025 ?
Posted Mon, 30 Dec 2024 09:04:39 GMT by HMRC Admin 32 Response
Hi,
As it is still a residential property, it still needs to be reported within 60 days on the property disposal return. You then report is as non residential in the tax return to claim the BADR.
Thank you. 
Posted Mon, 30 Dec 2024 12:14:35 GMT by Fi Rich
Thank you... needed clarification on the actual PROCESS online and HOW to find the correct forms - as you mention property disposal form but not how or where to find this and in relation to FHL being treated as a trade for the purpose of using real time submission. The only way I could submit the information within 60 days was to use "Real Time Transaction" submission online and as HFL is treated as a trade and I therefore reported the Sale of the Asset as a 'Sale of Property 'on this real time submission and received a reference code and await email now to make payment -advised would take up to 15 days! I will then report on my self assessment 24-25 available to return after April 2025 which I will then complete any further necessary report on this tax return and claim BADR. Thank you

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