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HMRC confirms light touch for CGT 30-day payment deadline

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In a new factsheet on the CGT 30-day reporting and payment obligations on UK residents for disposals of residential property from 6 April 2020, HMRC indicates it will take a light-touch approach to penalties for late returns up to and including 31 July 2020.

For UK residents, this will apply to transactions completed between 6 April and 30 June 2020 and reported up to 31 July 2020. Transactions completed from 1 July 2020 onwards will receive a late filing penalty if they are not reported within 30 calendar days. Interest will accrue if the tax remains unpaid after 30 days.

The factsheet also says HMRC will take a ‘flexible approach’ where individuals are facing financial difficulties during the Covid-19 outbreak.

On 6 April, HMRC launched its online capital gains tax on UK property service for reporting relevant disposals and paying any tax due.

Issue: 1483
Categories: News