If any CGT is due on the disposal, it needs to be reported to HMRC and the CGT paid within 30 days of completion.
This new obligation applies to UK residential property transactions where:
the date of disposal (usually the date of exchange) is on or after 6 April 2020; and
CGT is due. UK residents do not need to report transactions where no tax is due because of the availability of reliefs (eg private residence relief, annual exemption).
To achieve this, firstly an online “Capital Gains Tax on UK property account” is to be created. Then using this facility, information about the property, the gain and the tax is to be supplied to HMRC and the tax paid, all within 30 days of completion.
For more information, or assistance with CGT, please call a member of our team or email enquiries@dains.com
