New 30 day Reporting for Property Sales

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Further to our previous Straight To The Point last year on this subject, we are writing to remind you of the significant change which is now in place regarding the notification of property sales to HMRC.

From April 2020, UK property sales by individuals, companies, trustees & personal representatives (to include commercial, residential and indirect disposals) will need to be declared to HMRC within 30 days of the completion date, irrelevant of the seller’s residence status.  This means that UK resident are now also caught.  Previously, this 30 day reporting requirement related only to Non-Resident individuals, companies, trustees & personal representatives.

Also with effect from 6th April 2020, any Capital Gains tax will now also be due within this same 30 day period.  For those in self-assessment, the previous option to delay payment and pay via the self-assessment regime is no longer available (UK residents and Non-Residents alike).

The new requirements do not apply to transactions on which no tax is due (eg, on selling your home where the gain is fully covered by private residence relief) but we would suggest liaising with us to discuss the implications on any property sales so that we can advise you accordingly and comply with the strict timeframe.

If you wish to discuss anything further then please give Hamlyns a call.

Tanya Dickson

Tax Manager

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