30-Days to pay CGT for Residential Property

Although there are very few property transactions taking place as of April 2020, our property investor clients should now be aware that CGT due is to be reported and paid within 30 days of completion.

This applies to disposals of UK residential properties on or after 6th April 2020.

The reporting is only required if there is a CGT liability due. Speak to Charterwells to help you calculate this as there are many reliefs we can apply such as: Private residence relief, annual exemption amount).

If you are a non UK resident, you will need to still report the transaction regardless of whether tax is due.

Covid-19 Update: on 9th April HMRC will not charge a penalty for late filing up to 31 July 2020. This applies for transactions completed between 6 April up to 30 June.

It is vital you contact Charterwells for advice and help for this before you sell your property.

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