CAPITAL GAINS REPORTING ON SALE OF UK RESIDENTIAL PROPERTY
Individuals disposing of UK residential property must comply with HMRC’s accelerated reporting regime for Capital Gains Tax (CGT). Where a taxable gain arises (for example on the sale of a second home or buy-to-let property), UK residents are now required to report the disposal and pay an estimate of the CGT due within 60 days of completion of the sale, rather than waiting until their annual Self Assessment return. Failure to meet the deadline can result in penalties and interest charges.
The reporting is made via HMRC’s online “CGT on UK Property” service and, where applicable, the transaction must still be included in the individual’s year-end tax return. We can assist our clients with the reporting and filing requirements in this area.
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