2020-07-09: New Capital Gains Deadline

9th July 2020

The deadline for paying capital gains on the sale of taxable residential properties is being set at 30 days after completion.

In a move that was supposed to see the new capital gains deadline instigated in April 2020 the Government have now announced the new ruling will come in to play by 31st July 2020.

This doesn’t give people much time to set this up as in order to pay the capital gains incurred one has to set up a new “Capital Gains Tax on UK Property Account” and this requires applying for a new Government Gateway. If individuals wish for their Accountants to deal with this on their behalf they will have to apply for authorisation, a process that can take up to several weeks.

Authorisation to file an individuals self assessment tax return will not be viable for this type of payment. Therefore individuals will have to set the portal up well in advance in order to meet the 30 day deadline or risk fines