ATT warns residential property owners about changes to capital gains tax payment rules
Released 29 November 2018
The Association of Taxation Technicians (ATT) has issued a press release warning UK residential property owners about changes to capital gains tax payment rules.
The ATT is warning owners of residential property in the UK that from 6 April 2020 they will have to think carefully about the timing of any sale or gift of their property. This is because from that date, it is likely that UK resident owners of UK residential property who realise a gain on disposal that is subject to tax, will need to report the gain and make a payment on account of the tax due within 30 days of the completion of the transaction. The legislation which is currently progressing through Parliament could result in some UK residents making an excessive payment on account which cannot be reclaimed until the completion of their self-assessment return many months later.
For more information, see Press release: Timing is everything for new residential property rules.