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Residential reform
Key points
- From 6 April 2020 residential property disposals must be reported and the resulting tax paid within 30 days of completion.
- Sales covered by the only or main residence exemption do not have to be reported.
- Separate returns are required for each property sold unless two occur on the same day.
- HMRC is setting up a new system for the administration and tax collection.
- Penalties based on the self assessment penalty regime apply for late filing.
Capital gains tax has been subject to many changes since its introduction in 1965. However the new regime governing the reporting of capital gains on disposals of residential property which took effect on 6 April 2020 is the most significant change in the tax’s 55-year history.
In...
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