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Capital gains tax rules for UK residential properties - a reminder

| Graeme Hills | 21 October 2021

Anyone selling property that is not their home in the UK should be aware of the latest rules affecting the reporting of Capital Gains Tax (CGT) when selling a UK residential property; if the completion date was on or after 27 October 2021, CGT due should be reported and paid to HMRC within 60 days of completion.

There won’t be any tax due for UK residents where certain reliefs are available, such as private residence relief. In instances where there is no tax due, there is no need to report transactions. Non-UK residents will need to report transactions even if no tax is due.

Taxpayers can use HMRC's service to report and pay CGT on UK property. Agents can also act on behalf of clients on a second dedicated portal where necessary. The report and payment are due 60 days from the date of completion, so, for example, if contracts are exchanged on 6 April and the contract is completed on the 17 April, the report and payment is due no later than 16 June.

If you’ve recently sold your house or plan to in the future and would like further clarification on the new CGT rules for residential properties, please contact our team.

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