From 6 April 2020, gains accrued on the disposal of UK residential property by UK resident individuals must be reported to HMRC and Capital Gain Tax must be paid within 30 days from the date of disposal.
This new measure was introduced by Finance Act 2019 and requires a UK taxpayer to file a return to report a gain on the sale of a UK residential property and to pay Capital Gain Tax on the disposal within 30 days from completion.
No returns are required for no gain/no loss disposals and for disposals where no tax is due. Self-assessment taxpayers will also report the gain on their tax return.
Capital losses can be offset if available.
CGT payments made within 30 days from the disposal are payments on account. The total CGT liability will be calculated and reported through the self-assessment system.
Late returns or payments will be subject to penalties.
