If you own a property, the latest capital gains tax changes will apply to you if you sell. We want to flag it to you now due to the tight time constraints attached to the change in Capital Gains and the way it is recorded.
Following the Finance Act 2019, the new Capital Gains Tax Return Reporting regime came into effect on 6th April 2020.
UK resident taxpayers, including Trusts and Personal Representatives, who make taxable gains following the disposal of a UK residential property, have to submit a Capital Gains Tax Return within 30 days following the completion date (the date title is conveyed, not the exchange of contract date) and calculate a reasonable estimate of the tax due and pay it within the same 30 day period otherwise interest and penalties will ensue.
Non-UK resident taxpayers will need to do the same but in respect of both UK residential property and UK non-residential property and land, irrespective of whether there is a taxable gain arising from the disposal.
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