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Reporting nightmare
Key points
- Gains made on the sale of chargeable residential property must be both paid and reported to HMRC through a UK property disposal return within 30 days of completion.
- Amendments may be needed depending on other gains made.
- Beware of issues involving cashflow and personal representatives of deceased persons.
From 6 April 2020 any gains made on the sale of chargeable residential property must be both paid (by a ‘payment on account’) and reported to HMRC through a UK property disposal return within 30 days of completion. On first glance this appears to be a simple obligation – it is a clear requirement which should not have caused many problems technically. Further the tax is not due until after completion – rather than exchange – when the disponer has normally already received the proceeds unless the disposal was a gift. So unless the disposal...
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