For a disposal of residential property with a completion date on or after the 6th April 2020 new rules require a taxpayer to file a Capital Gains Tax Return and pay the tax due within 30 days of completion.
A disposal includes all transfers of title including gifts and exchanges.
A return is not required if there is no Capital Gains Tax payable, such as where the property has been occupied as a main home for it’s entire period of ownership.
In addition to the 30 Day Capital Gains Tax Return the gain will also need to be reported on the Self -assessment tax return.
Gains arising on the disposal of other assets and Non-Residential property do not get reported on the 30 day return and are only reported on a Self -assessment tax return.
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Director - Ian Blackwood CA CTA