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Special warning of 30-day CGT payment deadline for property disposals

HMRC is taking special care to ensure that taxpayers are aware of new rules taking effect in April 2020, under which the capital gains tax bill on residential property disposals has to be paid within 30 days of completion.

Currently, CGT due on property disposals does not have to be reported or paid until the deadline for submitting a self-assessment form, which can potentially be up to 22 months after the disposal took place. The changes mainly affect those selling a second home or rental property on which private residence relief is not available. They will apply to UK residential properties, even where property is gifted for no consideration.

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