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  • Henry Reeves & Co.

Capital Gains Reporting Changes

A number of our clients own more than one property. As such, we wanted to communicate the following, as we are not sure what solicitors that deal with conveyancing transactions are telling their clients in respect of this change.

From 6th April 2020, UK residents who dispose of UK residential property will be required to report the disposal within 30 days of the completion date, if you fail to do this, HMRC will issue penalties. You will be required to report the disposal and make a payment on account of the Capital Gains Tax which is notionally chargeable at the filing day. The payment on account will be deducted against your total Income Tax and Capital Gains Tax liability on submission of your Self Assessment tax return in the tax year of disposal.

Please note: that the above does not affect properties owned by limited companies. If you are either in the process of selling UK residential property or have sold post 5th April please let us have details as soon as possible so we can see whether an additional disclosure is required to HMRC.

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