Disposals Of UK Residential Property — New Reporting Regime

Apr 1, 2020 | Capital Gains Tax, News

What has changed?

You may be aware that there has been a change to the law in relation to the reporting and paying of Capital Gains Tax in relation to disposals of UK residential property by UK residents. This change came in on 6 April 2020 and means that where the disposal results in again, this must be reported to HMRC within 30 days following the date of completion, and the tax due must be paid over by the same date. The new reporting regime catches any disposals of UK residential properties that result in again.

Solicitors/law firms do not generally get involved with their clients’ tax affairs. Similarly, tax compliance will generally be beyond the remit of an estate agent. The obligation to file a return falls wholly on the taxpayer, and it will be wise to engage an accountant or tax adviser to undertake the calculations as soon as possible. Therefore, if at any point in the future you are actively considering disposing of a UK residential property (eg the property has gone on the market) contact us early to ensure that any real-time reporting requirements are met.

DISCLAIMER – PLEASE NOTE: The news and ideas shared with you are intended to inform rather than advise. Taxpayer’s circumstances do vary and if you feel that tax strategies we have outlined may be beneficial it is important that you contact us before implementation. If you do or do not take action as a result of reading this newsletter, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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