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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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60 Day Deadline for CGT Returns and Tax Payments

If you sell a property and incur capital gains tax on the transaction, you will need to file a tax return and also pay any tax that is due within 60 days of completion, or penalties will arise. Need help with your property taxes? Talk to us.

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