Capital Gains Tax 30 day reporting

Burrows Scarborough in Coventry - call 024 7671 7633 or email
Harwoods in Sutton Coldfield – call 0121 355 0901 or email

From 6 April 2020, if you’re a UK resident and sell a residential property in the UK you’ll have 30 days to tell HMRC and pay any Capital Gains Tax owed.

Capital Gains Tax 30 day reporting

If you don’t tell HMRC about any Capital Gains Tax within 30 days of completion, you may be sent a penalty as well as having to pay interest on what you owe.

You may need to make a Capital Gains Tax report and make a payment when, for example, you sell or otherwise dispose of:

  • A property that you’ve not used as your main home
  • A holiday home
  • A property which you let out for people to live in
  • A property that you’ve inherited and have not used as your main home

Burrows Scarborough can help you, we can:

  • Calculate CGT Gains/losses, claim available reliefs and advise on CGT payable
  • Complete and submit a Capital Gains Tax Report within the 30 day time limit
  • Amend reports within a 12 months period for any later variances effecting the CGT rates of tax
  • Completion and submission of a subsequent Self Assessment tax return with full disclosure of the Real time CGT payment
  • Help you avoid penalties by advising you of deadline dates

You don’t need to complete the form or make payment within 30 days in the following cases:

  • If Private Residence Relief is due in full
  • If your gain is within your Annual Exemption
  • If there is no tax to pay
  • If a Limited Company owns the residential property
  • The Sale was to a Spouse
  • The property is outside the UK

Call Faye or Tina who will be happy to help you.