Capital gains changes for residential sales

Changes in capital gains tax (CGT) are effective from 6 April 2020 and those selling residential property in the UK will be required to report the disposal to HMRC and pay the tax due within 30 days of completion.

Current ruling allows UK residents between 10 and 22 months to declare any taxable gain under the self-assessment system, depending on when in the tax year the disposal is made.

The measure was originally announced in the Autumn Statement 2015 but was deferred in the 2017 Budget until April 2020.