New System for Reporting Capital Gains on Residential Properties
Post Author:
Anne Melville
Date Posted:
May 4, 2020
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A new system for the reporting and payment on account of Capital Gains Tax (CGT ) was introduced for residential property disposals by UK resident taxpayers from 6 April 2020.
The new system requires the residential property disposal to be reported to HMRC and any CGT due, to be paid on account within 30 days of completion of the sale of the residential property. HMRC have now announced that for disposals between 6 April 2020 and 30 June 2020 there will be no penalty provided that the required return is made by 31 July 2020, although HMRC will still charge late payment interest on any CGT not paid on time.
We can of course assist you with this new reporting obligation. You will need to be registered with the Government Gateway and authorise us to act on your behalf.
