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17
Dec
30 Day Window on Capital Gains Tax for Residential Sales After 6 April 2020
From 6 April 2020, if you sell and make a taxable capital gain from UK residential property you will have to pay the tax owed within 30 days of the completion of the sale or disposal.
Submission of a 'residential property return' and making a payment on account will need to be made within 30 days. This 30-day rule only applies to UK residential property sold on or after 6 April 2020, and only where CGT is chargeable. Please get in contact if this becomes relevant to you. MCA will be more than happy to assist you in making the relevant declarations and prepare the relevant computations. Failure to report the gain and pay the CGT could result in significant fines. If you would like us to prepare an estimation of possible capital gains tax payable before any transaction, please also get in contact.
