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capital gains tax (cgt)  •  Personal Taxation  •  Property

Reminder: 30 days to pay investment property CGT from April 2020

By RJP LLP on 24 April, 2020

Although the government is allowing many tax payments to be deferred because of Coronavirus, any the tax due on gains made as a result of selling residential investment property remains payable. This now applies to both UK residents and non-UK residents.

As from 6 April 2020, capital gains tax (CGT) on all gains made on the disposal of UK property is payable 30 days after the date of disposal, rather than on 31 January following the tax year in which the disposal takes place. In addition, a return will need to be filed with HMRC during the same time period.

If you are planning to sell a property in the near future, it is important to seek professional tax advice, to understand what information is required to calculate the gain arising and to be able to complete the report that is required, within the relevant time limit. Having advance warning of the tax liability will also help to ensure that the appropriate funds are reserved from the proceeds of the sale to pay the CGT due straight away.

For more advice on property tax please email us at partners@rjp.co.uk

 

 

 

 

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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.