From 6th April 2020, deadlines for paying Capital Gains Tax in the UK are changing after selling a residential property.
If you sell a residential property in the UK and you are a UK resident, you have 30 days to let HMRC know and then pay any Capital Gains Tax owed.
You will have to pay a penalty plus interest if you do not let HMRC know within 30 days on completing the house sale.
HMRC will have a new online service for you to report and pay any Capital Gains Tax owed and this will replace the reporting service currently in place.
Capital Gains Tax is a tax on the profit when you sell something that has increased in value.
Capital Gains Tax is payable within 30 days if you dispose of or sell:
Capital Gains Tax is not payable when:
You must continue to report sales or disposals of interest in the UK of property or land within 30 days even if you are a non-UK resident and regardless of whether Capital Gains Tax is payable.
Any tax owed must be paid within 30 days and you will no longer be able to defer payments via your Self-Assessment tax return.
If you represent a Trust you will need to register with the Trust Registration Service. Existing Trust’s will be able to use their UTR to access the service.
Capital Gains Tax must be reported and paid for within 30 days of completion if you represent a Trust for a UK resident who sells a UK residential property.
Capital Gains Tax must be reported and paid for within 30 days of completion if you represent a Trust for a non-UK resident who sells or disposes a residential, commercial property or indirect disposal.