Following the changes to capital gains an owner who makes a disposal of a UK residential property is now required to file a Non-Resident Capital Gains Tax Return to HMRC.
The Non-Resident Capital Gains Tax Return is in addition to the annual Self Assessment Tax Return (SATR) with the deadline to file this being within 30 days of the disposal.
With effect from the 2020/21 tax year any capital gains tax is also payable within 30 days of the disposal.
If the disposal is not reported within 30 days a late filing penalty will be issued.
If the interest in the residential property was held jointly, each individual must file a Non-Resident 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 and also if you are now UK resident but the disposal took place during the overseas part of a split year.
As the deadline is very tight careful planning is of great importance.
Unless you have a detailed knowledge of the associated rules we would suggest that you let us handle this for you as the area of capital gains is a complex issue.