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Since the 6 April 2020, HMRC now require the reporting and payment of CGT on disposals of all UK residential property, for both UK and non-UK residents, to be completed within 30 calendar days of conveyance.
HMRC have created a new online portal for this process. The service requires individuals to register through their own Government Gateway account and set up a ‘Capital Gains Tax on the UK Property Service’ online account. Once this account is in place, taxpayers may then authorise their Agent to help complete the reporting.
Given the time required to set up the aforementioned online accounts, this 30-day deadline leaves little room for delays. Hence, individuals are strongly advised to contact us as soon as they are nearing the completion of a residential property sale where a capital gain is expected.
If you have any questions about the update above, please get in touch with us today via marketing@dtegroup.com and one of our advisers will get back to you soon.
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