1. What has changed?
  • New and significant reporting requirements were introduced 6th April 2020 where a UK resident individual is due to pay CGT on the disposal of a UK residential property.
  • A new standalone return will need to be filed online with HMRC, together with a CGT payment on account.
  • Both of these are due within 30 days of completion of the transaction.
  • Interest and penalties will be charged if the deadline is missed.


  1. When Does This System Get Implemented?
  • As per previous updates, resultant from the Covid-19 pandemic, the Government delayed the introduction of this new regime with a “soft landing” approach for property disposals which fail to be reported in the first quarter, following the introduction of the new rules.
  • Ultimately:
    • HMRC are allowing a period of time to adjust and will not issue late filing penalties for CGT payment on account returns received late; up to and including 31 July 2020.
    • For UK residents, this means transactions completed between 6 April and 30 June 2020 must be reported by 31 July 2020.
    • Transactions completed from 1 July 2020 onwards will receive a late filing penalty if they are not reported within 30 calendar days.
    • Interest will accrue if the tax remains unpaid after 30 days.


  1. Do You Need Assistance?
  • Individuals who have recent sold or are intending selling property must be aware of the new rules.
  • You are advised to seek timely advice on your position in order to meet the new obligations.
  • This is even more important now that the “soft landing” approach from HMRC has ended.
  • Disposals made after 1st July 2020 will need to be reported with 30 days of completion, with tax to be paid at the same time.