New Capital Gains Tax (CGT) reporting from April

The new Capital Gains Tax (CGT) 30 day reporting and payment regime will come into effect from Monday 6 April 2020.

From 6 April 2020, where CGT is due on the disposal of UK residential property by a UK resident individual or trustees, a new separate online return will need to be filed, together with payment on account of CGT, within 30 days of the date of the completion of the transaction.

HMRC have confirmed that the new reporting and payment regime applies only to taxable gains accruing on disposals of UK residential property made on or after 6 April 2020 ( in the tax year 2020/21). This means that where contracts are exchanged under an unconditional contract  in the tax year 2019/20 (6 April 2019 to 5 April 2020) but completion takes place on or after 6 April 2020 the 30 days filing requirement does not apply. The gain should be reported in the 2019/20 self-assessment return in the usual way.

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Lindsey Sharples is a solicitor in the private client team at Barker Gotelee, Solicitors in Ipswich.

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