Capital Gains Tax – Reporting Service

Since April 2020, any UK resident disposing of a UK residential property who has Capital Gains Tax (CGT) to pay, had to calculate, report and pay the tax within 30 days of completion.

At the Autumn Budget 2021, this period was increased to 60 days for completion dates on or after 27 October 2021, with the shorter deadline remaining in place for disposals which were completed before that date.

HMRC has developed a digital service to support this requirement. The service allows agents and taxpayers to make any number of reports and to view the history of previous reports and payment. The functionality to amend reports was released on 14 October 2020.

The report must be made online following the guidance on Report and pay Capital Gains Tax on UK property. The digital service is completely standalone and does not interact with the self-assessment system.

You will need to set up a CGT UK property account regardless of whether you are reporting the gain yourself or whether you are appointing an agent to report the gain. You will need to set up the account using the link highlighted above (the service is not available from personal tax accounts or business tax accounts).

If you feel that you need any support through this process, please get in touch with a member of the team. We’d be happy to help.