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Remember the deadline
Key points
- New regime for reporting disposals of UK property came into force in April 2020.
- Returns should be made online using the standalone digital service.
- The capital gains tax annual exemption can be used to reduce the gain.
- Tax due must be paid within 30 days of completion.
- Encourage clients to discuss property transactions as soon as they can.
From 6 April 2020 a UK resident individual disposing of UK residential property is required to submit a capital gains tax on UK property return and pay any tax due within 30 calendar days of completion of the disposal. The return is in addition to reporting the disposal on a normal self-assessment return it is not instead of. When properties are held jointly or in a partnership each owner is required to make a separate return with the rules applying equally to trustees and personal representatives making...
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