Reporting Capital Gains Tax on UK property or land sales

Since 6th April 2020 if you have sold a UK property or land in the UK you must report and pay any Capital Gains Tax that is due to HMRC within 30 days of the completion of the sale.

You will need to report the sale of:

• UK holiday homes
• properties that have been let as rental properties in the UK
• properties that have been inherited in the UK

You may not have to report the sale of:

• properties that you use as your main home

You do not have to report the sale of foreign properties that are not in the UK within the 30 day deadline but you will have to report this on a Self-Assessment Tax Return if you are a UK resident.

All sales must be reported using a new HMRC online service and if you do not report a sale within the 30 day deadline, you may be sent a penalty as well as having to pay interest on any amounts that are due to HMRC.

If you are thinking of selling a property in the future or you have completed in the last 30 days then please contact our team with any queries that you may have and we will be happy to help.

We hope this information helps you and your business, and we’ll continue to keep you updated. Please contact us here if we can provide any further information.