HMRC now require online reporting and payment of Capital Gains Tax (CGT) within 30 days of the date of completion on the disposal of UK residential property.

However, HMRC have recently announced that they will be allowing a period of time to adjust to the new legislation and will not be issuing late filing penalties for CGT returns received late, up to and including 31 July 2020.

For UK residents, this means that late filing penalties will not be issued for transactions completed between 6 April and 30 June 2020 and reported up to 31 July 2020. It is worth noting that although filing penalties will not be charged, interest will still accrue if the CGT remains unpaid after 30 days.

Non-UK residents will remain liable to late filing penalties.

Transactions completed from 1 July 2020 onwards will still receive a late filing penalty if they are not reported within 30 calendar days.

This temporary reprieve from filing penalties will enable those selling properties to familiarise themselves with the change in rules and new online process.

You can download our factsheet on Reporting Capital Gains on UK residential property disposals within 30 days of completion below.

Your
Experts

OUR TEAM