30-day reporting of Capital Gains Tax on disposals of UK residential property

Updated: Jan 20

Pink highlights HMRC’s new service for reporting and payment of Capital Gains Tax (CGT) on disposals of UK residential property.

Few property transactions are proceeding at the moment, but anyone selling UK residential property needs to be aware that CGT due now should be reported and paid within 30 days of completion.

The 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 exempt amount). Non-UK residents continue to need to report transactions even if no tax is due.

How to report and pay CGT

You need to obtain a Government Gateway account and apply for a CGT or property reference number to report disposals, although you can authorise Pink to report the disposals on your behalf.

The new service for taxpayers to report their own gain is available on report and pay Capital Gains Tax on UK property.

Currently only the first disposal may be reported using the online reporting system with any subsequent disposals being reported using a paper return. We have been informed that the new system will be fully functional shortly.

If you do not have access to the online system, you can contact HMRC and ask them to send a paper form to you to report the disposal.

If you would like our assistance with dealing with this, please do not hesitate to contact us.

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