Reporting Residential Property Sales

Reporting Residential Property Sales

The rules on selling residential property in the UK have changed and I want to make sure that you have all the information that you need to remain compliant.

The main point to know is that, if you have sold a residential property in the UK after April 2020, then you must report it and pay any tax due on the property using a ‘Capital Gains Tax on UK property’ account within 30 days of selling it. If you do not report the gains on the property within this timeframe, you may also have to pay interest and a penalty fee.

This reporting applies to:

  • The sale of residential UK property or land
  • The sale of non-residential UK property or land
  • Mixed use UK property or land (a ‘mixed use’ property is one that has both residential and non-residential elements)
  • Rights to assets that derive at least 75% of their value from UK land (indirect disposals)

You must report and pay non-resident Capital Gains Tax if you are a:

  • Non-resident individual
  • Personal representative of a non-resident who has passed away
  • Non-resident who is in a partnership
  • Non-resident landlord
  • Non-resident trustee
  • UK resident meeting split year conditions and the disposal is made in the overseas part of the tax year

Again, for all of the above, the capital gains must be reported within 30 days of the sale.

If you fall into any of the above categories and want some support or guidance, or if you are not sure whether the above applies to you, then please do not hesitate to send me an email or give me a call.

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