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Rules for UK residential property disposals from 6 April 2020

Q: My client is planning on selling a UK residential property in the 2020/21 tax year. What are the key changes to consider in relation to reporting requirements?

A: The rules relating to NRCGT have now been extended to direct UK residential property disposals by UK resident individuals from 6 April 2020. This means that the taxpayer has 30 days following the completion of the disposal (not the date of exchange, which is the usual operative date for capital gains tax) to submit a UK land return to HMRC.

FA 2019, Sch 2, para 3(1)