Disposing of UK Residential Property (not your main home) post 6th April 2020
Deadlines for filing and paying capital gains tax (“CGT”) arising on the disposal of an interest in UK property which is not your main home have changed for UK residents.
From 6th April 2020, a UK resident disposing of a residential property in the UK, making a gain which is liable to CGT, has 30 calendar days from the date of completion to both tell HMRC about the disposal and to pay any CGT owed.
The CGT paid should be as accurate as possible.
Penalties and interest will be charged for late filings.
In addition, in most circumstances, it is still necessary to also detail any UK property disposal on your relevant personal tax return.
If you have overpaid CGT as a result of your initial calculation, this overpayment will be taken into consideration in assessing your overall personal tax liability.
If you are thinking of disposing of UK residential property, please consider whether you should be taking advice before the sale, to give yourself time to consider whether there are any reliefs and to avoid a 30-day rush.
Find out more information here.
