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How and when to report and pay Capital Gains Tax

UK Residential Property disposal

HM Revenue & Customs (HMRC) have changed the way disposals of residential properties are required to be reported.

Disposals of UK residential properties now need to be reported to HMRC within 60 days of sale. If the sale of the property completed between 6 April 2020 and 27 October 2021 the deadline for reporting the gain was 30 days after the date of sale. Any CGT due must be paid to HMRC by the same deadline date.

HMRC may charge penalties and interest on late submissions of Capital Gains Tax Returns and late payments.

Taxpayers that are deemed to be ‘digitally excluded’ can request a paper form from HMRC.

If you require assistance with the preparation of a Capital Gains Tax Return, please feel free to get in touch with our Personal Tax Team who will be happy to help. In order for the team to assist, it would be useful to have the following information:

  • Details of the sale proceeds and acquisition costs, along with relevant dates
  • Details of any additional costs associated with the purchase or sale, such as solicitors’ or estate agents’ fees
  • Details of any capital expenditure carried out on the property
  • An estimate of your total income that you expect to receive in the year of the disposal
  • Details of any CGT losses bought forward and are currently unused
  • Anything else which you deem to be relevant to the sale such as if the property was ever your main residence


Other disposals

Disposals of commercial property or any other asset for tax payers who are not registered within the Self-Assessment system, need to be reported to HMRC by the 31 December in the year the disposal was made.


Non-resident making UK disposal

Non UK residents are required to report all direct and indirect disposals of UK property and land – please contact us if you require more information in this regard.


Get in touch

Cowgills is a leading independent firm of Chartered Accountants and Business Advisors based in the North West of England – from Greater Manchester to Liverpool. We use our sector experience to deliver tailored financial solutions and support for growing entrepreneurial businesses.

Get in touch with our Head Office in Bolton, Greater Manchester, for any advice on Capital Gains Tax today on 01204 414 243.

Capital Gains Tax

The information was correct at time of publishing but may now be out of date.

Posted by Cowgills
7th December, 2021
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