UK: Residential Property disposals – CGT to be paid within 30 days
From April 2020, all individuals and trustees must make payment of Capital Gains Tax (CGT) on the disposal of residential property (UK or overseas) within 30 days of completion, rather than the 31 January following the end of the tax year in which the disposal is made. Katharine Arthur from MSI's UK accounting member haysmacintyre explains further.
The new payment deadline will not apply where CGT is not due e.g. where private residence relief applies. HMRC is currently consulting on a number of technical matters, including on calculation methods, administration and the interaction with the current payment system of CGT by non-UK residents.
If you should have any questions relating to CGT, then please do not hesitate to contact Katharine Arthur, Partner and Head of Tax, Helen McVittie, or your usual haysmacintyre adviser.
