Time Is Not On Your Side

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Time Is Not On Your Side

By Lee Sharpe, March 2019
Lee Sharpe looks at government plans to significantly change how people report and pay capital gains tax on UK property sales.

There are to be some quite fundamental changes to the way that UK residents will be required to report and pay for capital gains on residential property. They are likely to prove most unwelcome. UK resident companies are not affected by these proposed changes, while non-residents already operate under a similar regime, which the government intends to align more closely with the new regime for UK residents.

The basics 
Currently, a capital gain by UK resident individuals is reportable through the self-assessment tax return regime. This means that, if an individual disposes of a property anywhere between (say) 6 April 2018 and 5 April 2019, it will be notified on his or her 2018/19 tax return, which need not be submitted until 31 January 2020. The corresponding capital gains tax (CGT)
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