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Reporting gains on residential property

11th August 2020 By bespoketax

Reporting gains on residential property

The Capital Gains Tax (CGT) reporting and payment date for UK residents that sell certain residential property changed from 6 April 2020. This change meant that any CGT due on the sale of a residential property needs to be reported and a payment on account of any CGT due made within 30 days of the completion of the transaction.

In practice, this change will only apply to the sale of a residential property that does not qualify for Private Residence Relief (PRR). The PRR relief applies to qualifying residential properly used wholly as a main family residence.

HMRC had announced that as a result of the Coronavirus pandemic they would adopt a light touch approach and there would be no late filing penalty for any transactions completed on or after 6 April 2020 to 1 July 2020 and reported up to 31 July 2020. However, interest continued to be charged if the tax remained unpaid after 30 days for all transactions from 6 April 2020.

This grace-period has now ended and landlords and second-home owners amongst others will receive a late filing penalty if capital gains are not reported within 30 calendar days of completion of the transaction. Taxpayers that fail to meet the deadline, will be subject to a £100 fine, rising to £300 or 5% of any tax due (whichever is greater) the longer the payment is outstanding.

Note, the payment date for any CGT due on residential property sales made before 6 April 2020 will be 31 January 2021.

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