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CGT on UK residential property

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HMRC has reminded self-assessment taxpayers of the 31 January 2021 deadline to declare any profit made from selling a UK residential property, which was not their main home, during the 2019–20 tax year, and to pay any CGT due.

The rules changed for disposals of UK residential property on and after 6 April 2020: UK residents who sell a second home and make a capital gain should use the online Report and pay capital gains tax on UK property service to inform HMRC and pay the tax due within 30 days of completion. Non-UK residents who sold UK land and property should also use the online service, regardless of whether there is a gain.

Issue: 1512
Categories: News