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New Capital Gains Tax rules for residential properties

New Capital Gains Tax rules for residential properties graphic

While the housing market took a hit during the early part of 2020 due to COVID-19, we’re slowly seeing the market recover as lockdown eases and people return to normality. 

Anyone selling their home in the UK should be aware of the latest changes in Capital Gains Tax (CGT) rules recently introduced by HM Revenue & Customs (HMRC). From 7 April 2020, CGT due should be reported and paid within 30 days of completion. 

This applies to UK residential property transactions which have a date of disposal on or after 6 April 2020 (this is typically the date of exchange) and CGT is due. 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.

To make the process easier, HMRC has launched a new service for taxpayers 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 30 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 on 17 May.

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.


Tax, Capital gains tax

Graeme Hills

As Head of Legal Practice, Graeme Hills works closely with clients and their families to help them make sense of the complex world of probate, wills, and trusts. His natural compassion, combined with his knowledge of tax and determination to provide the best possible advice during what can be a difficult time, gives Graeme the skills and expertise to progress our probate services offering. Graeme's role encompasses a huge variety of tax matters and over the years he has sat on each of the firm’s tax technical committees. He is driven by a genuine enthusiasm for tax work, and providing bespoke tax advice aimed at the specific needs of each client. Graeme Specialisms include corporation tax, capital allowances and VAT on land & property as well as his role as Head of Legal Practice.

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