Disposal of UK land - Reporting and paying capital gains tax within 30 days

Measures were introduced on 6 April 2020 which bring forward the requirement to report a gain and also pay the capital gains tax on certain UK property and land disposals to within 30 days of completion.

Gains entirely covered by the main residence exemption will not come within this new regime.

HMRC has allowed more time to report disposals which completed on or after 6 April 2020 and before 1 July 2020.  Penalties will not be charged if these disposals are reported before 31 July 2020.  Penalties will now be charged if disposals completing on or after 1 July 2020 are not reported within 30 days of completion.

Please do telephone or email your usual BGM advisor if you would like to discuss these new measures in further detail or would like any assistance with these new returns, especially if:

  • you are UK resident and planning to sell a UK residential property
  • you are not UK resident and planning to make a direct or indirect disposal of UK property – residential or non-residential.

Download our guide for more information.