Capital Gains On Property – new 30 day deadline

From 6 April 2020, there is major change to the deadlines for paying CGT when disposing of a residential property.

By Debbie Franklin, Director of Tax and property tax specialist

From 6 April 2020, there is major change to the deadlines for paying CGT when disposing of a residential property. This may apply when a second home, an inherited property, or a rental property, is sold or otherwise disposed of. Individuals, trustees, and personal representatives should all be aware of the forthcoming change.

In future, there is a 30-day window after the completion of the property disposal in which to file a return, calculate and make payment on account of the CGT bill. This changes the current procedure, with payment made as part of the self assessment cycle, and CGT payable by 31 January of the tax year following the year of disposal. If no payment is due, reporting will not be required. This would be the case if, for example, PRR is available in full.

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