Capital Gains Tax (CGT) – Payment for Property Disposal

If you have sold or disposed of a UK residential property (including part interest in one) since April 2020, you may need to report this and pay Capital Gains Tax (CGT) within 30 days of completion.

Checking if you need to report and pay:
You don’t need to report and pay CGT if you have sold or disposed of a UK property that was your main home and only used as your private residence. If you have been absent from your home or rented it out, then you can check if you need to pay CGT on GOV.UK.

Report and pay online:
If you are liable for CGT, you can sign up for a 'Capital Gains Tax on UK property account', report and pay using HMRC’s online service on GOV.UK. You can sign up for the service in advance to save time and meet the 30-day deadline.

If you are a non-UK resident:
Since April 2020, the rules also changed for non-UK residents notifying HMRC of a sale or disposal of both UK residential and non-residential property regardless of whether there is a gain or not. Non-UK residents are still required to notify HMRC of the disposal via the online service but can no longer defer any payment due to your Self Assessment tax return.

If you are having difficulty paying:
You can visit GOV‌‌.UK and search 'difficulties paying' to see what help and support is available.

If you don't report and pay on time:
If you don’t report gains on property or make payment by the 30-day deadline you may be liable to a late filing penalty, late payment interest and may be subject to a late payment penalty.

If you need help:
You can find more information about these changes on GOV‌‌.UK or feel free to call us at Jackson Property on 01432 344 779.