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The SA108 form is a document you need to fill and submit to HMRC if you have to pay tax on your capital gains.
Use it when you’ve sold any of these for a profit:
You’ll also need to pay capital gains tax when you gift any of these (this is a common situation for parents giving children a flat or house as a gift).
Another thing that you need to know about CGT on property is that, starting from April 2020, you now have to calculate, declare, and pay CGT within 30 days.
This is called the Real Time Capital Gains Tax Service. It’s now mandatory for all property sales and optional for all other capital gains.
For example, if you sold shares for a profit, you can use either this service or Self Assessment. If you sold a buy to let for a profit, you have to use the real time service.
You can find the SA108 form on this HMRC page:
In any case, make sure you first download and read the “Capital gains summary notes” for that tax year – it’s on the same HMRC page.
That pdf will explain what each item from the SA108 form means.
You will only need to file the SA108 form if you decide to file your tax return in paper format.
Reasons why you should use the online version instead:
If you find the online tax return challenging to use, at TaxScouts we can file your tax return online for you – and for a flat £119.
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