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capital gains tax (cgt)  •  Property  •  Tax Planning

Update: 30 days to pay investment property CGT

By RJP LLP on 8 September, 2020

The sale of a UK residential property which gives rise to a Capital Gains Tax liability now needs to be reported to HMRC (and the tax paid) within 30 days of completion of the sale.

RJP are able to complete and submit the calculations and disclosure to HMRC, however the client must first have setup their own Government Gateway user ID and password.

They will then need to register for a ‘Capital Gains Tax property account number’ which will need to be given to RJP.  Once we have the account number we can then request agent authority to complete the submission on the client’s behalf.

We have outlined the taxpayer's obligations now as a result of these new rules in an earlier blog: read more here

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31 December 2020 - Review disposals of chargeable assets to avoid a possible CGT increase

Capital gains tax is due to be reviewed by the government and if a CGT rise is announced, the new rates may become effective from the next tax year on 6 April 2021. Take advice now if you are thinking of selling property or have other assets giving rise to a capital gains tax liability.