HMRC have now upgraded the system to enable reports of second and additional disposals of UK residential property to be made online. Previously, only the first disposal in a tax year could be reported online.

The Institute of Chartered Accountants in England and Wales (ICAEW) has reported that the system has also been updated to allow capacitors (someone who helps someone else to deal with their tax) and personal representatives (someone responsible for settling the affairs of someone who has died) to report gains.

From 6 April 2020, Capital Gains Tax (CGT) on all UK residential property sales must be declared by UK residents. A payment on account should be made to HMRC within 30 days of completion.

Due to COVID-19, HMRC introduced a ‘soft landing’ period and did not issue late penalties for any transactions completed between 6 April 2020 and 30 June 2020, provided the gain was reported and any tax due paid by 31 July 2020.

This period has now expired and HMRC guidance confirms that anyone who completes the sale of a property from 1 July 2020 onwards has 30 calendar days to report and pay the CGT due. Transactions completed from 1 July 2020 will be subject to a late filing penalty if they are not reported within 30 calendar days.


Changes to CGT reporting: Soft landing period for penalties
HMRC have announced that they will not charge any penalties for failure to report Capital Gains on UK residential property within the new 30-day deadline until after July 2020.

Reporting capital gains: How to?
How do you report your capital gains? What return do you use?

CGT: Payment of tax
When is Capital Gains Tax (CGT) due? Can I pay in instalments? What are the penalties if I pay late? What are the new rules from April 2020?

External link

HMRC: Report and pay Capital Gains Tax on UK property