Reporting Capital Gains on a Property Sale as a UK Resident
The way in which UK residents are required to report residential property disposals is changing in a dramatic fashion.
Any sale from April 2020 whether it be by an individual, trustee or personal representative, will be required to notify HMRC via a new “Residential Property Return” (RPR) within 30 days of the sale of the property.
Along with the RPR, HMRC will expect a payment on account of the Capital Gains Tax due even where you are already submitting self-assessment tax return(s).
It is important to note, like with the majority of HMRC returns / forms penalties and interest will be applied for late submission and / or payment.
Therefore, it is extremely important that you speak to the conveyancer and / or a member of the Stopfords Team to ascertain who will be submitting the RPR on your behalf and calculating the tax liability.
The disposal(s) of the property will still also need to be declared on your self-assessment return(s), and this will provide the final definitive capital gains tax liability, as it is proposed the submission of the self-assessment tax return will supersede the RPR.
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