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Disposal of Residential Property: New CGT Reporting Requirement

New Capital Gain Tax Reporting Requirement

The 5th April is fast approaching and following this date any residential property disposal by UK resident individuals will trigger a reporting requirement upon the sellers to make a return of the capital gain tax arising and paying any tax due, if appropriate, within 30 days of completion. This has been the position for non-resident individuals since April 2015.

Even in instances where no capital gain tax liability arises, there is still an obligation to compute any gain to evidence how that decision was arrived at. Other instances may not trigger a reporting requirement. Knowing the rules and the requirements will be key. Failure to comply could give rise to interest and penalties.

This will catch many sellers out even those who are aware of capital gains tax and paid this in the past.

We would recommend any seller selling a property which will be subject to capital gains tax to seek advice from an accountant at the point of marketing not at the point of completion. If you don’t know whether capital gains tax is payable you should likewise seek advice from an accountant.

In addition to sales this could affect you if you transfer a property or gift it away. 

Andrew Yates

LLP Member and Head of Department

Andrew joined Elliot Mather LLP in 2000 as a Legal Executive and subsequently qualified as a Solicitor.  He has been an LLP Member since 2008 and is now head of the Residential Property Department.  

His vision, experience, knowledge and IT skills have been key to the development of the Residential Property Departments across the practice over the last 15 years.   Andrew has a wealth of experience of all types of property transactions and specialises in:-

  • Residential sales and services and purchases.
  • Rights to buy
  • Transfer of equity
  • Re-mortgage/bank security
  • Equity release
  • Deed of Easements
  • New Builds
  • Complex Legal Charges
  • Declaration of Trust
  • Property Developments
  • Complex Property Transactions.

Andrew has a friendly, no nonsense approach to work which is appreciated by clients, Estate Agents, Developers and his staff alike.

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