How to Report and Pay Capital Gains Tax (CGT) on UK Residential Property Sales
Introduction
If you sold a property in the UK on or after 6 April 2020, you must report and pay Capital Gains Tax (CGT). This applies even if you have no tax to pay. The deadline for reporting is 60 days after the completion date.
What is CGT?
CGT is a tax on the profit you make when you sell an asset, such as a property. The gain is the difference between the sale price and the original purchase price.
How to Report CGT
You can report CGT online or by post. To report online, you will need to create an account on the GOV.UK website. To report by post, you will need to complete a paper tax return.
How to Pay CGT
You can pay CGT online or by post. To pay online, you will need to have a Government Gateway account. To pay by post, you will need to send a cheque or postal order to HM Revenue & Customs (HMRC).
Deadlines
The deadline for reporting and paying CGT is 60 days after the completion date. If you miss the deadline, you may be charged a penalty.
Penalties
If you fail to report or pay CGT on time, you may be charged a penalty. The penalty will be based on the amount of tax you owe and the length of time you have been late.
Getting Help
If you need help with reporting or paying CGT, you can contact HMRC's helpline on 0300 200 3310.
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