New guidance on property disposals
Anyone who has tax to pay on the disposal of a UK residential property must complete a special capital gains tax (CGT) return and make a payment within a short space of time. This regime has been in place for almost two years, but HMRC’s guidance has been less than clear - until now. What's the latest development?
Since April 2020, all UK residents who make a gain on UK residential property where there is a CGT liability must report it via the CGT on UK Property Account. Initially, the deadline for the return (and payment) was set at 30 days from completion. However, this increased to 60 days for completions made on or after 27 October 2021. There have been numerous issues with the service, such as overpayments not being automatically refunded. Guidance has also been thin on the ground, though HMRC promised that improvements would be made here.
The new guidance has now been published by way of an appendix to the Capital Gains Manual. It covers a wide variety of situations, including information for non-UK residents and accountants. It covers everything from setting out the information required and a step-by-step guide to completing the return, to information about submitting amendments, e.g. where errors are made.
Related Topics
-
Employment Intermediaries quarterly return due
-
Elevate your HMRC complaint
If complaining to HMRC gets you nowhere you can ask the Adjudicator’s Office (AO) to review your case. The process can be trickier than it ought to be. What problems might you encounter and how can you avoid them?
-
HMRC targets landlords using third-party data
HMRC has confirmed that it is using information received from third parties to identify landlords who may not have declared all of their rental income. The latest compliance campaign highlights the department's increasing use of data matching to tackle errors and omissions. What should landlords do?