Capital Gains Tax on the disposal of UK property

When you sell a property in the UK, which is not your home, you may have to pay Capital Gains Tax (CGT) on the proceeds of the sale.  This needs to be reported to HMRC within 60 days of the completion of the sale and the CGT owing must also be paid by this deadline.  This could be for example, a property you have rented out, an inherited property or business premises.

The disposal is to be reported using HMRC’s digital UK Property Service, whereby you will need to have access to your Government Gateway to be able to create a Property Account.  We can guide you through this process, so you can authorise us to submit this report on your behalf.

It is important that you keep a record of your purchase costs and any capital costs incurred during the ownership of a property, which you rent out (or may choose to rent out in the future) as these costs can be offset against the gain.