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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 January 2021 - Submit your self assessment tax return and pay tax due

Don’t forget the deadline for sending in your self assessment tax return and making tax payments. You may be able to agree a Time to Pay schedule with HMRC depending on your circumstances and pay in instalments. Talk to us and we can help you prepare your tax return and advise you on the best options for deferred payments.