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Changes to capital gains tax for UK residential property
The deadlines for paying capital gains tax after selling a residential property in the UK are changing from 6 April 2020.
From 6 April, any UK resident must tell HM Revenue and Customs (HMRC) about the gain and pay the tax due within 30 days from completion.
HMRC has published information on GOV.UK on:
- when you need to report capital gains tax
- its new online capital gains tax service and updated guidance
- non-UK residents
- advice for agents
- trusts - trustees and their advisers should also be aware of the tightened reporting and payment windows that they will face
This is a significant change for people who would previously only have had to enter the details on their self-assessment return and pay the tax due in line with the self-assessment deadlines.
Non-UK residents must also tell HMRC within 30 days.