Neal Groves advises on the new rules for Capital Gains Tax on residential property transactions

New rules for reporting and paying Capital Gains Tax (CGT) on residential property have been in place since April 2020. However, taxpayers are still unaware of these rules – and are being caught out.

If a UK residential property, on which CGT is payable, is sold, the gain must be reported, and the tax paid within 30 days of completing on the sale.

The rules apply whether you are a UK resident or non-UK resident. The only difference is that a non-resident is required to report sales of UK property within 30 days, even if there is no tax to pay – whereas a UK resident is only required to report a gain if there is tax to pay.

The gain must be reported online on a ‘Capital Gains on UK Property accou...

Neal Groves
Senior Personal Tax Director
Beavis Morgan LLP

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