Following the changes to capital gains an owner who makes a disposal of a UK residential property is now required to file a UK non-resident capital gains tax (NRCGT) return to HMRC with effect from the 2015/16 tax year.
The UK non-resident capital gains tax (NRCGT) return is in addition to the annual self assessment tax return with the deadline to file this being:
- From 27 October 2021 within 60 days of the disposal
- Prior to 27 October 2021 within 30 days of the disposal
With effect from the 2020/21 tax year any capital gains tax is also payable by the above reporting deadlines.
If the disposal is not reported by the filing deadline a late filing penalty will be issued.
If the interest in the residential property was held jointly, each individual must file a UK non-resident capital gains tax (NRCGT) 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.
You still need to file even if:
- You have no tax to pay
- You have made a loss
- You are registered for Self Assessment
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 and the computations that must be submitted are complex.
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UK Non-Resident Capital Gains Tax - You must file your NRCGT return within 60 days of disposal