New CGT rules for selling UK property

On 6 April 2020 significant changes came into play relating to how Capital Gains Tax is calculated when selling a UK property.

But there is something of a ‘soft landing’ with HMRC offering some breathing space from penalties in the first few months. Peter Webb, our International Tax Manager, explains the implications:

Earlier this month the deadline for paying Capital Gains Tax (CGT) following the disposal (or sale) of residential property in the UK changed. Sales now need to be reported to the British tax authorities, HMRC, within just 30 days with an estimate and payment of any CGT due within 30 days too. Previously only non-residents needed to report such sales in that timeframe.


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