Capital Gains & Residential Property - The 30 Day Reporting Rule for UK Residents
Since April 2020, UK residents disposing of residential property in the UK have been required to calculate, report and pay any CGT arising within 30 days of completion. This new ‘in-year’ reporting requirement is a major change to the timing of reporting and paying of CGT and there can be significant penalties if deadlines are missed.
Focusing on the changes as they affect individuals, this short webinar will take you through how to go about calculating an in-year gain for a UK resident, before going on to cover some of the practicalities of the new online process for reporting gains to HMRC.
What You Will Learn
Focusing on the impact for individual property owners, this webinar will cover the following:
- Who is subject to the in-year reporting rules
- What disposals are exempt
- What is a residential property gain
- How to calculate the payment on account required
- How to deal with losses
- How to report a gain online, including how to complete the ‘digital handshake’ process so that an agent can act on behalf of a client
- How to update or amend a report once submitted
- The interaction between the property report and self-assessment
- Penalties for late filing/reporting
- How to adapt to the changes
This pre-recorded webinar will be streamed at 12:30pm on Friday 4th December 2020 and will remain available to view by delegates who have registered by then for 90 days.
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