Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the extent to which gains made on residential property that would otherwise be subject to capital gains tax are currently subject to (a) final period exemption and (b) lettings relief.
For individuals who claim final period exemption or letting relief, there is no requirement to file a Capital Gains Tax return to HMRC if the amount payable results in no liability being incurred.
Individuals who incur a Capital Gains Tax liability must provide information on the reliefs they are claiming separately in the unstructured additional information section of the Self Assessment return. Utilising this data to provide an assessment as requested can only be done at disproportionate cost.