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Payments on account required from April 2020.
A payment on account of capital gains tax will need to be made when a residential property is sold from April 2020.
Payment will be due within 30 days of completion and the seller will have to submit a ‘payment on account’ return at the same time.
The changes affect those selling a second home or rental property. They will not apply to disposals covered by only or main residence relief. However if only some of the gain is covered a payment on account and return will need to be made for the taxable part.
The changes also apply to overseas property sales. So a payment on account will need to be calculated when a UK resident sells a residential property abroad. That is unless the gain on the disposal will also be taxed in that country and double taxation relief is available or the gain would...
