HMRC has published a policy paper, ‘Capital Gains Tax payment window for residential property gains’ alongside its response to an earlier consultation on requiring taxpayers who dispose of residential property to pay tax on the capital gain within 30 days.

Draft legislation has been included in the draft Finance Bill 2019 and has been released alongside HMRC’s policy document.

From April 2019:

  • Non-resident CGT (NRCGT) will be extended to all UK land and property. This tax is already payable within 30 days.
  • ( Editorial note: Non-resident landlord companies move into corporation tax (from income tax CGT). There is a 30 day rule suggested in the draft legislation, but there is no start date published. )

From April 2020:

  • UK residents will have to complete a return and make a payment on account within 30 days of completion of the disposal of UK residential property.
  • The self-assessed calculation can take account of Annual Exemptions and losses available.
  • Taxpayer’s can ignore these gains when considering whether they have to register for self-assessment tax returns.

This followed an April 2018 consultation, Capital Gains Tax: Payment window for residential property gains (payment on account) and HMRC’s response, ‘Capital Gains Tax: Payment window for residential property gains (payment on account – summary of responses’ was published alongside the draft legislation and policy document.

Comments on the draft legislation are invited by 31 August 2018. The policy document and draft legislation can be read in full here. The consultation response can be found here.


Non-resident CGT: UK residential property

CGT: Payment window for residential property gains: a consultation


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