fbpx


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

Get in touch

Whether you require a tax return, payroll or a fully supportive accounting service, we are here to help you thrive and get on with business.

Instant quote
Xero on mobile