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Changes to Capital Gains Tax from April 2020

Changes to Capital Gains Tax from April 2020

New rules coming into force on the 6th April 2020, mean that those who need to report Capital Gains Tax to HMRC on the sale of UK properties, need to do so within 30 days.

Under the old rules , you used to be able to declare any Capital Gains on your annual self assessment form, effectively giving you nearly 12 months to declare and pay what was owed.  This has now changed.  You must have a Personal Tax Account login to set up a Capital Gains Tax account in anticipation of any future sales.  You can do this on the HMRC website, following the details below –

https://www.gov.uk/capital-gains-tax/report-and-pay-capital-gains-tax

The details of these gains, must still be included on your Self Assessment as usual.

You will have to pay a penalty if you send the return in late, miss the payment deadline or submit an inaccurate return.

Not sure what you need to do? Contact us at the office for more information.

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