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More time to report residential sales

18 May 2020
Issue: 4744 / Categories: News

Late filing penalties will not apply on disposals of UK residential property completed on or after 6 April 2020 and before 1 July 2020 and reported up to 31 July 2020. This is because of the coronavirus pandemic.

HMRC states in its guidance Manage your client’s capital gains tax on UK property account that transactions completed from 1 July 2020 will receive a late filing penalty if they are not reported within 30 calendar days. Further, interest will be charged if the tax remains unpaid after 30 days for all transactions from 6 April 2020.

Issue: 4744 / Categories: News
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