DIVERSET
Ferrari House
258 Field End Road
Ruislip, Middlesex
HA4 9UU
020 7148 1552
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Source: HM Revenue & Customs | | 08/07/2021

The Capital Gains Tax (CGT) reporting and payment date for UK residents that sell a residential property changed with effect from 6 April 2020. This change means that any CGT due on the sale of a residential property now needs to be reported and a payment on account of any CGT due made within 30 days of the completion of the transaction.

In practice, this change only applies to the sale of a residential property that does not qualify for Private Residence Relief (PRR). The PRR relief applies to qualifying residential property used wholly as a main family residence. 

HMRC has listed the following types of property sales that are affected:

  • a property that you have not used as your main home;
  • a holiday home;
  • a property which you let out for people to live in;
  • a property that you have inherited and have not used as your main home.

There can be penalties and interest charged if CGT due on the sale of a UK property is not paid within 30 days of the sale. 

 

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Diverset is the trading name of Diverset Limited, a limited company registered in England and Wales with registration number 03729499, whose registered office is at Ferrari House, 258 Field End Road, Ruislip, Middx, HA4 9UU
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