UK Capital Gains

** HMRC introduce new UK Capital Gains Tax Return if disposing of UK residential property effective 2020/21 tax year **  

If you sell or dispose of a property that is not your main home and it's value has increased since you acquired it you may have to pay UK capital gains tax. Some of your property costs can be deducted when working out your taxable gain so you will need a record of:  

• when you bought or acquired it 
• when you sold or disposed of it 
• the purchase and sale price 
• any buying and selling costs like Stamp Duty and legal fees 
• improvement costs and dates  

You may qualify for other reliefs or allowances depending on how long you have owned the property and if it was ever your main home. 

If the property was used for a furnished holiday letting business there are special UK capital gains tax reliefs.  

Following the changes to capital gains an owner who makes a disposal of a UK residential property is now required to file a UK capital gains tax return to HMRC. 

The UK Capital Gains Tax Return is in addition to the annual Self Assessment Tax Return (SATR) with the deadline to file this and pay any UK capital gains tax being within 60 days of disposal. 

If the disposal is not reported within 60 days a late filing penalty will be issued. 

If the interest in the residential property was held jointly, each individual must file a UK capital gains tax return separately notifying their own share. 

The above also applies even if you have disposed of only part of an interest in a UK residential property.  

As the deadline is very tight careful planning is of great importance.  

Unless you have a detailed knowledge of the associated rules we would advise that you let us handle this for you as the area of capital gains is complex.  

Contact us today for a free, no obligation, competitive quote.  

There are no hidden costs, what we quote is what you pay.  

You will be given a FIXED FEE for a professional service tailored to your personal requirements.