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The HMRC has reminded that the deadlines for paying capital gains tax after selling a residential property in the UK are changing from 6 April 2020.
From 6 April 2020, UK residents who sell a residential property in the UK have 30 days to tell HMRC and pay any capital gains tax owed.
The HMRC has cautioned that if residents fail to tell the tax authority about any capital gains tax within 30 days of completion, they may be sent a penalty as well as having to pay interest on what they owe.
It has advised residents that they may need to make a capital gains tax report and make a payment when, for example, they sell or otherwise dispose of a property that they’ve not used as their main home; a holiday home; a property that they let out for people to live in; or a property that they’ve inherited and have not used as their main home.
However, some exemptions apply. For example, residents won’t have to make a report and make a payment when:
HMRC is due to launch a new online service to allow residents to report and pay any capital gains tax owed in a simpler and quicker manner.
The office has also cautioned agents acting on behalf of a customer who disposes of a UK residential property, that they need to register with Agent Service and ensure that any capital gains tax liability due for their client is reported and paid for within 30 days of completion of the disposal.
For more information, click here.