A new requirement to report and pay capital gains tax (CGT) on disposals of UK residential property was introduced from 6th April 2020.
The changes can affect UK resident individuals and trustees disposing of UK residential properties from that date.
The new reporting requirement relates to disposals that give rise to a chargeable gain and result in a CGT liability.
You must report and pay any tax due on UK residential property using a ‘Capital Gains Tax on UK property account’.
You must do this within:
• 60 days of selling the property if the completion date is on or after 27th October 2021
• 30 days of selling the property if the completion date was between 6th April 2020 and 26th October 2021
You may have to pay interest and a penalty if you do not report and pay on time.
MJB Avanti can assist you with the preparation of the CGT calculation and the completion of the online form.
If you have any questions, you can contact your usual MJB Avanti contact who will assist you with this process or please call 08000 388799