60 DAY CAPITAL GAINS TAX REPORTING

If you sell a residential property and capital gains tax is due, then a Return must be submitted to H M Revenue & Customs within 60 days of the completion date.  Any tax due needs to be paid by that deadline too.

The capital gain may need to be included on a tax return – so you may need to register for this too.

There are penalties and interest payable if you do not report in time.

If you are not sure if any capital gains tax is due, please contact us for a quote.  We can review your figures before the sale completes and give an estimate of tax due. 

Each individual who has a share of the ownership needs to do a Report and there are certain parts of the process that need to be completed by each of those individuals.

The rate of Capital Gains tax is based on your other taxable income in a year to 5 April.  As the tax due is calculated ‘in-year’ there can be additional tax due or repayable once your final income is known up to 5 April.