Capital Gains Tax on Sales of Property or Land
From 6th April 2020 on sales of property or land you have 30 days after the completion date to report and pay any Capital Gains Tax (CGT) due on the disposal.
This requirement applies to:
- residential UK property or land (land for these purposes also includes any buildings on the land)
- non-residential UK property or land
- mixed use UK property or land
- rights to assets that derive at least 75% of their value from UK land (indirect disposals)
A ‘mixed use’ property is one that has both residential and non-residential elements. For example, a flat connected to a shop, doctor’s surgery or office.
You’ll need to create a Capital Gains Tax on UK property account before you can report and pay the tax through this service.
HMRC will charge a penalty and interest if the tax remains unpaid after 30 days.
While we have made every effort to provide accurate and up to date information on our website, the law is constantly changing and affects each person or business in different ways. We will not accept liability if you rely solely on this information, professional advice should always be obtained before making a financial decision.