New System for reporting CGT on Property Disposal started on 6 April 2020
A new CGT reporting and payment on account system was introduced for residential property disposals by UK resident taxpayers from 6 April 2020. The new system, as originally announced, required the disposal to be reported and any CGT on the disposal to be paid on account, within 30 days of completion. HMRC have relaxed these rules for disposals between 6 April and 30 June, so there will be no penalty for late returns, provided the return is made by 31 July 2020. However, HMRC will still charge interest on late payment of the CGT due.
We can of course assist you with this new reporting obligation, but you will need to be registered with the Government Gateway and will need to authorise us to act on your behalf. This can take some time. Please therefore let us know as soon as possible (ideally before completion) if you require our assistance, so we can ensure we are ready to file the return within the specified time period.
For further information on Property Disposal CGT, please contact Gemma Hedges on 023 8046 1259.