X

Welcome to Wilds Chartered Accountants Website

 

HMRC is to speed up capital gains tax payments for Residential Property Sales

It will be necessary to make a payment on account of Capital gains tax when a residential property is sold from April 2020.

The payment will be due within 30 days of completion and the seller will need to submit a “payment on account” return at the same time.

This will affect those selling a second home or rented property at home or abroad. It will not apply to disposals covered by only or main residence relief, a return and payment on account will be needed however if only some of the gain is covered.
When a UK resident sells a residential property abroad a payment on account will need to be calculated unless the gain on that disposal will also be taxed in that country and double taxation relief is available or the gain would be taxed on the remittance basis.

css.php