HMRC extends CGT 30-day reporting functionality

From our previous new article, you should be aware that there is a new requirement to report and pay capital gains tax (CGT) on disposals of UK residential property within 30 days of completion and applies to disposals made by UK resident taxpayers on or after 6 April 2020.

Where tax is due UK residents are required to report a gain on UK residential property, including a deemed disposal, a gift of a residential property, or a disposal of a principle private residence that does not fully qualify for relief. For non-UK residents, the requirements are wider and apply where no tax is due.

In the past, the online system could only be used for the first disposal in any tax year and subsequent disposals had to be reported on a paper return. The system has been upgraded to enable reports of second and subsequent disposals to be made online.

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