Capital Gains Tax: UK residential property disposals

HMRC has revised its guidance to note that, due to coronavirus, HMRC did not issue late penalties on any transactions that were executed between 6 April and 30 June 2020. This relaxation of the penalty regime was given where the gain was reported and any tax due was paid by 31 July 2020. However, if a property sale is completed from 1 July 2020, the tax must be reported and paid within 30 calendar days.

Transactions completed from 1 July 2020 will be subject to a late filing penalty if no report is made within the 30 calendar days. Interest will be charged on any tax unpaid after 30 days, for all transactions from 6 April 2020.

Have you recently sold a property, or have any questions regarding property disposals, get in touch with us.