Capital Gains Tax on Disposal of UK Property – Changes to Filing Deadlines

The deadlines for filing and paying Capital Gains Tax (CGT) on the sale of UK property changed on April 6, 2020. The changes apply to UK and overseas residents, but don’t apply where the property has been solely used as the owners private residence during the period of ownership. Key changes:

  • Disposals of residential property with gains liable to CGT need to be reported to HMRC within 30 calendar days of completion using the new on-line tool.
  • Tax due must be paid within 30 days; it can not be deferred and dealt with as part of self-assessment.
  • For UK residents, no action is required if the gains are not charged to CGT. For example, if the property is transferred to your spouse or civil partner, or the gain is within your annual exemption.
  • Sales of property abroad are still to be dealt with as part of your self-assessment tax return.
  • If you acquired a property to develop and re-sell this would be a trading transaction and would be subject to income tax and not CGT.

To help with the transition HMRC has agreed not to issue late filing penalties for transactions completed between April 6, 2020 and June 30, 2020, reported up to July 31, 2020. Transactions completed from July 1, 2020 onwards will receive a late filing penalty if not reported within 30 calendar days.

Please call us for additional information if you think you may be impacted by the change and need further advice.

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