Capital Gains Tax Returns (“CGT”) – Filing and paying within 30 days of selling a residential property.

CGT is tax payable on profits when you sell or dispose of an asset that has increased in value.


HMRC have set out rules for both Non-UK and UK Residents to pay CGT due on properties as well as submitting a CGT return.


For properties sold after 6th April 2020 you must report and pay Capital Gains Tax within 30 days of selling property in the UK.


We've set up a service to comply with the latest rules – we can help!


Each time a property is sold, have you considered Captial Gains Tax?


This could apply if:

– You've let the property since beginning of ownership, or;

– Used as your main residence but let out before or after your time living there,

– It is a buy-to-let property business,

– It is commercial property,

– It is land, or;

– The property was inherited.


There are certain tax reliefs available in the form of:

– PRR (Private Residence Relief),

– LR (Letting Relief).


No requirement if no taxable gain, this could be due to:

– Prinicipal Private Residence Relief,

– The capital gains tax exemption applies (gains up to £12,300),

– No gain no loss (such as transfers between married couples or civil partnerships),

– Property disposal results in a loss,

– Capital losses were brought forward from previous tax years,

– Losses arisen during the tax year on disposals.


Who are caught by these rules?

– Non-UK Residents,

– UK Resident Taxpayers.


Who are NOT caught by these rules?

– Companies,

– Charities,

– Pension Schemes,

– Other Collective Investment Schemes.


Please contact us if you have sold your property and are concerned about Capital Gains Tax. 01482770269 or hello@whitethorns.co.uk​​​​​​​

Source: Wed, 09 Sep 2020 15:28:11 +0100

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