Smith Sutcliffe Solicitors

Changes to CGT reporting

CGT payment and reporting window for residential property disposals from 6 April 2020

Advance notice to remind UK resident individuals that when they dispose of residential property on or after 6 April 2020, new rules introduced by the Finance Act 2019 mean that they must report the gain and pay the CGT within 30 days of the disposal. Failure to comply will trigger a penalty and incur interest on unpaid CGT. The new rules also apply to trustees of trusts for UK residents that dispose of UK residential property.

For disposals prior to 6 April 2020, capital gains are reported in personal tax returns for the year in which the disposal takes place or is deemed to take place.

This will not affect residential sales where the principal private dwellinghouse exemption applies because no return is required but may affect disposals of second homes and rental properties and sales by executors.

For more information speak to the conveyancer dealing with your transaction

28th February 2020, 8:43
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