Self assessment payment on account and capital gains

[ELBBUBKUNPS]

Hi, do I need to factor in to my self assessment payments on account possible capital gains I might have or is it treated differently ? I have a possible large capital gains liability from a house sale but it may fall through.

thanks

[northernladuk]

Why would you pay tax on something you haven't received yet and may never even come to be?

[ELBBUBKUNPS]

Why would you pay tax on something you haven't received yet and may never even come to be?

Thats how payments on account work though isn't it, we are supposed to look into are crystal balls and guess our income and then modify our payments on account to reflect this guess and then claim anything back we don't owe or pay interest on what we under paid.

[Moscow Mule]

Thats how payments on account work though isn't it, we are supposed to look into are crystal balls and guess our income and then modify our payments on account to reflect this guess and then claim anything back we don't owe or pay interest on what we under paid.

Not really, you're supposed to pay up what you paid last year and adjust if you're over / under in January.

[ELBBUBKUNPS]

Not really, you're supposed to pay up what you paid last year and adjust if you're over / under in January.

Thanks. Thing is based on income without factoring in captial gains I want to reduce my payments on account for 12/13, however if capital gains needs to be factored in there is no point.

[Moscow Mule]

Thanks. Thing is based on income without factoring in captial gains I want to reduce my payments on account for 12/13, however if capital gains needs to be factored in there is no point.

This is the form,

http://www.hmrc.gov.uk/sa/forms/sa303.pdf

says to ignore CGT, so you should be fine.

I'd remember to not spend the CGT though!

Usual disclaimers apply, IANAA, IANAL etc.

[Jessica@WhiteFieldTax]

Concur with MMs advice.

[ELBBUBKUNPS]

Thanks MM and J.

I had spotted that on that form but when I called SA helpline to confirm the weren't really sure and wouldnt commit to saying 'no don't factor it in'. I probably didn't explain it clearly enough to them or I was talking to someone they have just drafted in to ramp up the call centre in the run up to Jan 31st deadline.

thanks