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Changes introduced by the Finance Act 2019 mean that anyone that disposes of residential property on or after 6 April 2020, must report the gain and pay the Capital Gains Tax within 30 days of the disposal. Failure to comply will trigger a penalty and incur interest on unpaid CGT. The new rules also apply to trustees of trusts for UK residents that dispose of UK residential property.
If the property is your main residence you will probably not be affected by this change. This will particularly affect Landlord and Property investors.
The new rules apply to disposals of main residences, holiday homes, residential lettings and inherited homes that are not used as main residences throughout the period of ownership. However, the 30-day deadline is disapplied if any of the following apply:
HMRC will launch a new online facility for reporting and paying CGT in April 2020, which can be used by UK residents and non-UK residents making disposals from 6 April 2020.
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute, legal advice, and should not be relied upon as advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article. All content was correct at the time of publishing. Legal advice should always be sought in relation to specific circumstances.