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Major Change for Capital Gains on Residential Property

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Major Change for Capital Gains on Residential Property

From 6 April 2020, UK resident individuals, trustees and personal representatives selling UK residential property will need to report the disposal to HMRC and pay any capital gains tax (CGT) due within 30 days of completion. 

Always check with us before thinking about selling so we can work out the potential capital gain, then forward the completion statement to us upon completion and we can complete the necessary forms. 

If a capital loss will arise, we can carry the loss forward so you can use it against future capital gains.

A UK land return will need to be completed for each UK residential property disposal.

A self-assessment tax return will still need to be completed in the normal way (ie the disposal must be reported on the CGT pages) and any CGT already paid to HMRC will be deducted from the liability.

At the time of the disposal, a ‘best estimate’ based on the information available at the time will be used to calculate the tax payable. We can assist you with this. Any losses brought forward can be offset.

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