Capital Gains Tax: Payment window for residential property gains
We are inviting views on the scheme for making payments on account of Capital Gains Tax when disposing of residential property.
Opened
11 Apr 2018
Closed
6 Jun 2018
▤ Verbatim text from source document
From April 2020, a payment on account of Capital Gains Tax (CGT) will need to be made when a residential property is sold or otherwise disposed of, such as by giving it away.
Payment will be due within 30 days of the completion of the disposal. The changes mainly affect those disposing of a second home or rental property.
They will not apply where the gains are not chargeable to CGT, for example, where the gains are covered by private residence relief.
This is a technical consultation on:
- how the amount payable will be calculated
- the administration of those payments
- changes to an existing CGT payment on account system for non-residents who dispose of UK residential property