HM Revenue & Customs (HMRC) is reminding self-assessment taxpayers of key Capital Gains Tax (CGT) changes that they need to be aware of before 31 January 2021.<\/p>\n
Since April 2020 there have important been changes to how CGT is declared and paid.<\/p>\n
UK residents that sell a residential property in the UK that is not their main property and make a capital gain with tax to pay now have just 30 days after completion to inform HMRC via the online portal and pay the CGT due.<\/p>\n
Non-UK residents that sell UK property and land are also being advised to use the online HMRC service, even if there is no gain.<\/p>\n
The changes affect property developers or landlords that may be selling part of their property portfolio, or UK residents selling a residential property that is not their main residence.<\/p>\n
HMRC is now reminding individuals that if they sold a second home during the 2019-20 tax year, then they must declare it on their Self-Assessment tax return by 31 January 2021.<\/p>\n
Individuals must inform HMRC of any CGT liabilities on their Self-Assessment tax return, but any payments already made will not count towards their annual tax return bill.<\/p>\n
Karl Khan, Interim Director of Customer Services at HMRC, said: \u201cThe 2019-20 tax year is the last year UK residents will be required to pay the Capital Gains Tax for the sale of properties as part of the Self-Assessment process and we want to make sure they are aware of the new requirements.\u201d<\/p>\n
For help and advice on matters relating to Capital Gains Tax and Self-Assessment tax returns, contact our expert team today.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" HM Revenue & Customs (HMRC) is reminding self-assessment taxpayers of key Capital Gains Tax (CGT) changes that they need to be aware of before 31 January 2021.<\/p>\n","protected":false},"author":2,"featured_media":3834,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,28,41,75,108,7],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3832"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=3832"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3832\/revisions"}],"predecessor-version":[{"id":3833,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3832\/revisions\/3833"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/3834"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=3832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=3832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=3832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}