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Residential Property: Payments on account and 30 day returns

Legislation has been enacted to change reporting obligations for residential property gains chargeable on UK resident individuals, trustees and personal representatives. Also introduced is a requirement to make a payment on account of the associated CGT liability. For disposals made on or after 6 April 2020:


• a tax return is required if there is a disposal of UK land on which a residential property gain

accrues


• CGT is required to be computed on the reported gain in the tax return.


The return needs to be filed and the CGT paid within 30 days of the completion date of the property disposal.


The new requirements do not apply if a chargeable gain does not arise, for example where the gains are covered by PRR.


For more information, speak to one of our team



This summary is published for the information of clients. It provides only an overview of the main points, and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this summary can be accepted by the authors or the firm.



Brayne, Williams & Barnard Limited


Rosemount House, Rosemount Avenue, West Byfleet, Surrey, KT14 6LB


tel 01932 350117

email info@bwbca.com

web www.bwbca.com


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Registered office address: Rosemount House, Rosemount Avenue, West Byfleet, KT14 6LB

Company no:  09839023 

Vat no: 225408623

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