Capital Gains Tax & Residential Property - The New 30 Day Reporting Rule
From April 2020, UK residents disposing of residential property in the UK who have capital gains tax to pay must report the disposal and make a payment on account of the tax due within 30 days of completion.
This is a major change to the timing for reporting and payment of capital gains tax, and coincides with the proposed introduction of restrictions to private residence relief and letting relief.
Focusing on the changes in Finance Act 2019 as they affect individual clients, this short webinar will take you through what you need to know to ensure that you and your clients are prepared for this change and can plan ahead to avoid penalties for late compliance.
This webinar is relevant to all accountants and tax practitioners who advise UK-based clients disposing of UK residential property.
Residential property lawyers may also wish to be aware of how the new rules will affect their clients.
What You Will Learn
Focusing on the impact for individual property owners, this webinar will cover the following:
- Who will be affected?
- Exemptions to reporting requirements
- What is UK residential land?
- Making estimates when computing the gain
- How to report a residential property gain
- How to update or amend a report
- The interaction between the new report and self-assessment
- The impact of changes to Private Residence Relief in April 2020
- Penalties for late filing/reporting
- How to plan for the changes and inform your clients
- Updates to letters of engagement