Reporting the disposal of residential property

From 6 April 2020 a UK resident individual disposing of UK residential property is required to submit a capital gains tax on UK property return and pay any tax due within 30 calendar days of completion of the disposal. The return is in addition to reporting the disposal on a normal self-assessment return it is not instead of. When properties are held jointly or in a partnership each owner is required to make a separate return with the rules applying equally to trustees and personal representatives making a relevant disposal.

A return has to be filed only when capital gains tax is due so there are some circumstances when a submission will not be necessary. Typically this will be:

• when a gain is wholly covered by only or main residence relief;
• if a loss arises on a sale;
• if the gain is sheltered by capital losses crystallised...