Self-Assessment Capital Gains Tax reminder

Self-Assessment Capital Gains Tax reminder

If any profit was made from selling a UK residential property, which was not the main home, during the 2019-20 financial year, those completing their self-assessment will be required to declare it and pay the Capital Gains Tax. This will need to be included on the self-assessment tax return by 31 January 2021.

Capital Gain where there is tax to pay

HMRC has advised that 2019-2020 is the last year that people will need to declare Capital Gains as part of their self -assessment as moving forward people will just need to make the declaration online as soon as they sell their property.

HM Revenue and Customs (HMRC) changes to how Capital Gains Tax is paid came into force from 6 April 2020. It means that UK residents selling UK residential property, which is not their main home, and subsequently they make a capital gain where tax needs to be paid, they need to inform HMRC and pay the tax due within 30 days of completion.

This online service helps to simplify the way you can report and pay Capital Gains Tax on UK property..  

Read more about where tax relief applies.

Personal tax returns

If you feel that your situation might not be so clear cut, why not speak to our team of accountants at McKenzies for professional tax advice to ensure that you have met all the requirements for self-assessment, Capital Gains Tax or any other personal accountancy services.