Where a residential property is sold and both the exchange and completion dates fall on or after 6 April 2020, the vendor (or agent) must file an online return of any taxable gain arising and pay the CGT tax due, both within 30 days of the completion date.
Before 6 April 2020, only non-UK residents were within scope of this pay and file regime for CGT. In this article, I consider only UK resident taxpayers who dispose of UK residential property.
For 2019/20 and all earlier tax years, individuals are required to include gains arising from all assets, including residential property, on their tax return for the year in which the disposal takes place. The date of disposal is generally set by the date contracts are exchanged.
Jacquelyn Kimber is a tax partner at Newby Castleman LLP in Leicester, where she advises on a range of tax issues affecting individuals and businesses, including offshore matters and trusts. She can be contacted on 0116 254 9262 or by ...