COVID-19 Update – 27 July - Deadline approaches for reporting CGT on UK residential property - Wright Vigar
 In Advice, Blog, News

To avoid a penalty, you must report and pay any Capital Gains Tax on disposals of UK residential property within the new rules by 31 July.

The new requirement to report and pay capital gains tax (CGT) on disposals of UK residential property within 30 days of completion applies to disposals made by UK resident taxpayers on or after 6 April 2020.

In response to lobbying by the ICAEW and as a result of COVID-19 the reporting deadline was effectively extended, so that no late filing penalties will apply for transactions completed between 6 April 2020 and 1 July 2020, provided they are reported by 31 July 2020.

The extension only applies to UK resident taxpayers. Non-resident taxpayers have been subject to the 30 day reporting regime since 2015.

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