Back in February we issues a tax update which included information about changes to the reporting of Capital Gains Tax (CGT) effective from the 6th April 2020.
It is now necessary to report the disposal of the property within 30 days of completion, and pay any CGT due to HMRC within the same time frame. CGT used to be payable with income tax on 31st January following the end of the tax year.
Please note that the 30 day reporting and payment obligation does not apply where no CGT is payable, this would apply in instances such as the disposal of a taxpayers private residence.
