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Capital Gains Tax Property

CGT on Property

30 Day Reporting

In spite of the coronavirus crisis, the new system for paying and declaring CGT within 30 days of the completion of a UK property transaction came into effect for property completions on and after 6 April 2020.

There are exceptions from the 30-day regime for transactions where there is a loss, the gain is fully covered by a CGT relief or annual exemption, and where the contracts were exchanged prior to 6th April 2020. Otherwise if the CGT is not reported and paid within 30 days of completion, late filing penalties will be imposed in the same manner as for late Self Assessment tax returns.

However, HMRC has introduced a soft landing for the new CGT regime, such that disposals made from 6 April to 30 June 2020 inclusive can be reported by 31 July 2020 with no penalties due. Transactions completed on or after 1 July 2020 must be reported within 30 days through the taxpayer’s “CGT on UK property account”.

See here for details of how to report and pay CGT on property, and here on how to manage a UK property account.

By Stephen Burwood

Stephen is recognised in the Tax and Accountancy world as an expert in Transactional Tax.
Stephen offers advice on Corporate reorganisations, sales and disposals ,EIS / SEIS, Share Schemes and Property Portfolios including SDLT.
He is commercially aware and always offers advice in a commercial and pragmantic way.

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