UK property return filing requirements confirmed

Taxpayers who have disposed of a property must file a capital gains tax UK property return even if the disposal has already been reported on a self-assessment tax return HMRC has confirmed to the ICAEW Tax Faculty.

The authority has previously advised that the capital gains tax UK property return should be filed before the relevant self-assessment tax return (see HMRCAgent Update Issue 95). In the interests of meeting the self-assessment filing deadline (and given the difficulties with the capital gains tax UK property return system) many taxpayers and agents have however filed self-assessment returns without first having filed the UK property return.

HMRC states that where the self-assessment tax return has already been submitted the UK property return must still be filed but using a paper return rather than using the online UK property account. One exception is where the...