Capital Gains Tax

At it's simplest, Capital Gains Tax is chargeable when you sell an asset for more than you paid for it. As a general rule, when you make a gain and tax is due, you would declare it on a Self-Assessment tax return at the end of the year and that's that. 

However, things get a bit more urgent when it comes to residential property disposals. If you’ve sold a residential property in the UK and made a gain, you may need to submit a Capital Gains Tax (CGT) Return within 60 days of completion. Missing this deadline can lead to penalties and interest.

This can be a complicated area of tax, not just in calculating the liability but also in navigating HMRC's systems to submit the return. We are able to calculate your CGT liability, prepare the return, and submit it to HMRC on your behalf. 

We would urge anyone selling residential property to check with us as soon as possible to determine whether a liability is likely to arise and whether the 60 day rules will apply.

If you have recently disposed of residential property, contact us now to discuss any potential reporting obligations you may have.