HMRC has updated its guidance ‘Manage
your client’s Capital Gains Tax on UK property account’ to note that,
due to coronavirus, HMRC did not issue late penalties for any transactions completed
between 6 April and 30 June 2020, provided the gain was reported and any tax
due paid by 31 July 2020. However, where the sale of a property completes from
1 July 2020 onwards, the tax must be reported and paid within 30 calendar days.
Transactions completed from 1 July 2020 will receive a late filing penalty if
they are not reported within the 30 days. Interest will be charged if the tax
remains unpaid after 30 days, for all transactions from 6 April 2020.
HMRC has updated its guidance ‘Manage
your client’s Capital Gains Tax on UK property account’ to note that,
due to coronavirus, HMRC did not issue late penalties for any transactions completed
between 6 April and 30 June 2020, provided the gain was reported and any tax
due paid by 31 July 2020. However, where the sale of a property completes from
1 July 2020 onwards, the tax must be reported and paid within 30 calendar days.
Transactions completed from 1 July 2020 will receive a late filing penalty if
they are not reported within the 30 days. Interest will be charged if the tax
remains unpaid after 30 days, for all transactions from 6 April 2020.
