Jacquelyn Kimber explores the 30 day reporti ng period to be implemented under the new capital gains tax regime
The new capital gains tax regime applying from April 2020 to property disposals brings with it a host of challenges, particularly for UK residents who have been used to reporting and paying capital gains tax as part of the self assessment tax system since 1997. Finance Act 2019 Sch 2 paras 1 and 2 require a return to be made to HMRC within 30 days where there is any direct or indirect disposal of UK land by a non-resident, or a disposal of UK residential land by a UK resident resulting in a gain. This article examines some of the practical challenges faced by UK resident taxpayers and their advisers.
The new UK land return is in addition to reporting a disposal on the normal Self Assessment tax return; it does not replace it.