Testing new CGT 30-day reporting system
12th January - HMRC are recruiting agents and their clients to test the new CGT 30-day reporting and payment system which is to be implemented from April 2020
Details of how to participate, including the HMRC email address to contact, are included in the attachment accompanying the news item. Clients who volunteer should be anticipating making a sale of UK residential property on which CGT will be due after 5 April 2020. Testing started on 6 January 2020, but agents can ask to defer their involvement until after the self assessment deadline.
The new rules were explained in an article by Rebecca Benneyworth in the August 2019 edition of TAXline and further detailed guidance will be published in due course. The new requirements do not apply to transactions on which no tax is due (eg, where the gain is fully covered by private residence relief).
The Tax Faculty would be interested to receive feedback on the service – please contact caroline.miskin@icaew.com.