News & Important Dates
UK Residential Property Gains
There is a 60 day deadline for reporting and paying CGT on residential property gains as well as including it on the year end self assessment return. This has not been well publicised by HMRC and solicitors and conveyancers are not always telling their clients. There are a number of appeals lodged against penalties issued.
The penalties mount up very quickly:
One day late: £100
Over six months late: greater of £300 and 5% of tax due
Over 12 months late: greater of £300 and 5% of tax due
HMRC also have the right to charge £10 per day up to 90 days for returns over three months late, with notice to the tax payer
If you are disposing of a residential property, we will be pleased to help with the CGT reporting.