Fuller Spurling

Call us:

01932 564098

Menu
  • Home
  • About us
    • People
      • Mark-Harvey-200×200Mark Harvey FCA – Partner
      • sue-keane-200×200Sue Keane FCA – Partner
      • amy-robins-april-2019-200×200Amy Robins LLB CTA ADIT – Partner
      • Consultant
      • Senior managers
        • David HodgsonDavid Hodgson FCCA
        • Photo of Philip Crowther-Green of Fuller Spurling Chartered AccountantsPhilip Crowther-Green
        • lana-ward-apr-2019-200×200Lana Ward
    • Offices
      • Fuller Spurling Chertsey officeChertsey Office
      • Fuller Spurling Sandhurst officeSandhurst Office
    • News
      • Coronavirus Business Support Guide
      • Nudges from HMRC, Christmas cheer, VAT refunds, SEISS & furlough… Our Tax Briefing clarifies.
      • Coronavirus Business Support Guide (November 2020)
    • About us
      General

      We give practical help and guidance whether you need help with your tax return or whether you run a business and need accounts, tax or VAT help and advice.

      Limited Companies and LLPs

      Whatever your size or industry sector we have the experience to be able to help and advise you. If you are a larger Limited Company or LLP then we can also carry out the statutory audit.

      FCA regulated entities

      If you run a business which is regulated by the Financial Conduct Authority we can help lodge reports to the FCA (typically via “Gabrielle”) and carry out the statutory audit if required.

      Charities

      We help charities prepare accounts and carry out Independent Examinations of Charity accounts or audits of the accounts of larger Charities.

      Solicitors

      We help prepare accounts and carry out Audits as required by the Law Society

    • Close
  • Accounting
    • Accounts & Auditing
    • Bookkeeping
    • Our Online Accounting Services
    • Close
  • Tax
    • Tax Compliance
    • Tax & VAT Enquiry Fee Protection Service
    • Tax Investigations and enquiries
    • Tax Planning
    • VAT
    • Reverse Charge Rules for Builders and Related Trades
    • Close
  • Specialist
    • Business Advisory
    • Charities
    • Company Secretarial
    • Contracts for self employed
    • ICAEW Business Advice Service
    • IR35 Contractors
    • Payroll
    • Tax & VAT Enquiry Fee Protection Service
    • Close
  • Land & Property
    • Inheritance Tax
      • Family Investment Company
      • Inheritance Tax and the Family Home
      • Property Trading Companies and Business Property Relief Case Law
    • Buying a property
      • Property Incorporation vs Ownership
    • Selling a property (Capital Gains Tax)
      • Capital Gains Tax – new payment deadline for residential sales
      • Changes to CGT, PPR and lettings relief – April 2020
      • CGT and Rebasing Explained
      • CGT Dates for Different Property Sales
    • Close
  • Making Tax Digital
    • MTD for VAT
    • Close
  • News
  • Contact Us
Home » Capital Gains Tax – new payment deadline for residential sales

Capital Gains Tax – new payment deadline for residential sales

From April 2020 the deadline for payment of Capital Gains Tax “CGT” due from the sale of residential property will be shortened to 30 days after the date of sale.

Current Rules

An increase in value on a property from the date of sale from the original ownership will trigger a CGT liability if the property does not qualify for certain tax reliefs during the period of its ownership. These reliefs relate to when the property qualifies as your main residence and whether it has been let for a qualifying period of time.

If CGT charge is due as a result of the sale, UK residents currently pay CGT via self-assessment tax returns. The tax year runs from 6th April to 5th April and any tax due will be payable the 31st January after the tax year ends.

This means that CGT due on the sale of property is currently paid between 9 and 21 months after the date of the disposal.

New Requirements

From April 2020, HMRC requires UK residents to submit a CGT return and pay any CGT due within 30 days of completion of the sale of residential property.
The requirement to submit a CGT return will be different from the self-assessment tax return process entirely and will only be required where there will be tax due on the sale.

These requirements will not extend to the disposal of foreign residential property where the foreign country has a double tax agreement with the UK or, where the gain relates to a person who is taxed on the remittance basis.

What should I do now?

Individuals who are considering a sale post April 2020 should take time to ensure that they are prepared to understand whether a payment or a return is due.

Individuals in the UK who are resident and not taxable on the remittance basis are entitled to an allowance for CGT before tax becomes due and this is currently £12,000 per individual.

If you are currently registered for self-assessment then you will have a unique taxpayer’s reference ‘UTR’ however, if you are not currently in the self-assessment regime or have not been in the past you may now need to request a UTR from HMRC.

Careful consideration will need to be taken to ensure that the correct amount of tax is calculated. As some property disposals will be taking place at the start of the tax year, it is difficult at that point to determine the relevant tax rates if an individual’s tax affairs vary between the higher and lower rates.

Further guidance is expected to be issued by HMRC. In the meantime we are happy to help assist in this process in the future and we will update this article when further information is available.

Would you like help and advice on this or any other issue?
Contact us straight away by telephoning 01932 564098 or email us using our ‘Contact Us’ page.

This tax article was published in July 2019 – please be aware that the information above may have changed in subsequent months. This note is written for the general interest of our clients and is not a substitute for consulting the relevant legislation or for taking professional advice.

What’s your question?

Call 01932 564098

Recent News

  • Coronavirus Business Support Guide
  • Nudges from HMRC, Christmas cheer, VAT refunds, SEISS & furlough… Our Tax Briefing clarifies.
  • Coronavirus Business Support Guide (November 2020)
  • Are you one of the 63% of UK residents without a will?
  • Autumn 2020 Business Support Guide

News Categories

  • Articles
  • Case Study
  • Company Law
  • Opinion
  • Tax
  • Tax Q&As
  • Testimonial
  • Updates
  • VAT Q&As

Follow us

Client Zone

Latest news & posts

  • Coronavirus Business Support Guide 8th January 2021
  • Nudges from HMRC, Christmas cheer, VAT refunds, SEISS & furlough… Our Tax Briefing clarifies. 10th December 2020
  • Coronavirus Business Support Guide (November 2020) 6th November 2020
  • Are you one of the 63% of UK residents without a will? 27th October 2020
  • Autumn 2020 Business Support Guide 5th October 2020

Legal etc

  • Privacy Policy
  • Terms and Conditions
Fuller Harvey Ltd
Registered in England No: 3881540

© 2010–2021 Fuller Spurling - Chartered Accountants · Site by Powerhut · Built on the Genesis Framework

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.OkPrivacy policy