Capital Gains Tax (CGT) Reminder Issued by HMRC

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

Some useful tips;

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 a private residence.

However, if you have been absent from home or rented it out, then check if you need to pay CGT on GOV.UK.

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 help meet the 30-day deadline.

If you are a non-UK resident you are still required to notify HMRC of the disposal via the online service but can no longer defer any payment .

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

You can find more information about these changes on GOV‌‌.UK or by viewing this short YouTube video.