{"id":9399,"date":"2023-10-18T12:59:25","date_gmt":"2023-10-18T11:59:25","guid":{"rendered":"https:\/\/www.newbycastleman.co.uk\/?p=9399"},"modified":"2024-01-03T12:53:40","modified_gmt":"2024-01-03T12:53:40","slug":"capital-gains-tax-and-property-60-days-to-declare","status":"publish","type":"post","link":"https:\/\/www.newbycastleman.co.uk\/industry-news\/capital-gains-tax-and-property-60-days-to-declare\/","title":{"rendered":"Capital Gains Tax and property: 60 days to declare"},"content":{"rendered":"<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\"><\/span> <span class=\"rt-time\">2<\/span> <span class=\"rt-label rt-postfix\">minutes to read<\/span><\/span><p><strong>Those selling or disposing of residential property in the UK should be aware of the 60-day deadline for reporting and paying <a href=\"https:\/\/www.newbycastleman.co.uk\/our-services\/private-client-tax\/\">Capital Gains Tax (CGT)<\/a> to HMRC. Failure to do so will result in penalties.<\/strong><\/p>\n<p><em>Who qualifies?<\/em><br \/>\nUK residents have Private Residence Relief (PRR), so no tax to pay, if they sell a property that is their home.<\/p>\n<p>However, there may be tax to pay for those who have an interest in property other than their main residence. The 60-day CGT reporting rules are not exclusive to individuals and could also apply to: &#8211;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>trustees;<\/li>\n<li>executors and personal representatives;<\/li>\n<li>partners in partnerships and limited liability partnerships; and<\/li>\n<li>joint owners of property.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><em>Calculating CGT<\/em><br \/>\nTo calculate the gain arising on a property, deduct the original purchase cost of the property from the proceeds of the sale. Related fees like Stamp Duty Land Tax, solicitor\u2019s fees and estate agent\u2019s fees can also be deducted. Our experts can also advise on other allowable costs and reliefs available.<\/p>\n<p>The rate of CGT depends on your level of income, but for residential properties the rates are 18% and 28%.<\/p>\n<p>After the calculation, the gain needs to be reported online by creating a Capital Gains Tax on UK Property account through HMRC using your Government Gateway ID. Once this is submitted, HMRC will issue a payment reference, under which a payment on account of the estimated CGT due can be made.<\/p>\n<p>Working through this process takes time so being aware of the rules before a sale is made is key to efficient tax planning.<\/p>\n<p><em>Penalties<\/em><br \/>\nIf you fail to submit an online CGT return or miss the 60-day deadline, the penalties for late filing are:<\/p>\n<p>&#8211; more than 60 days of completion of a sale is \u00a3100;<br \/>\n&#8211; more than 6 months after completion of a sale is \u00a3300 or 5% of the tax outstanding, whichever is the higher;<br \/>\n&#8211; more than 12 months after completion of the sale is \u00a3300 or 5% of the tax outstanding, whichever is the higher.<\/p>\n<p>Interest may be charged in addition to any penalties incurred.<\/p>\n<p><em>Here to help<\/em><br \/>\nResidential property disposals and <a href=\"https:\/\/www.newbycastleman.co.uk\/our-services\/private-client-tax\/test-capital-gains-tax-and-the-family-home\/\">Capital Gains Tax liabilities<\/a> may not be straightforward. <a href=\"https:\/\/www.newbycastleman.co.uk\/get-in-touch\/\">We can<\/a> assist you with planning and reporting requirements, whilst ensuring you receive all available tax reliefs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\"><\/span> <span class=\"rt-time\">2<\/span> <span class=\"rt-label rt-postfix\">minutes to read<\/span><\/span> Those selling or disposing of residential property in the UK should be aware of the 60-day deadline for reporting and paying Capital Gains Tax (CGT) to HMRC. Failure to do so will result in penalties. Who qualifies? UK residents have Private Residence Relief (PRR), so no tax to pay, if they sell a property that &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.newbycastleman.co.uk\/industry-news\/capital-gains-tax-and-property-60-days-to-declare\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Capital Gains Tax and property: 60 days to declare&#8221;<\/span><\/a><\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[37],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Capital Gains Tax and property I Newby Castleman<\/title>\n<meta name=\"description\" content=\"Selling or disposing of residential property in the UK? 60-day deadline for reporting &amp; paying Capital Gains Tax (CGT) to HMRC.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.newbycastleman.co.uk\/industry-news\/capital-gains-tax-and-property-60-days-to-declare\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capital Gains Tax and property I Newby Castleman\" \/>\n<meta property=\"og:description\" content=\"Selling or disposing of residential property in the UK? 60-day deadline for reporting &amp; paying Capital Gains Tax (CGT) to HMRC.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.newbycastleman.co.uk\/industry-news\/capital-gains-tax-and-property-60-days-to-declare\/\" \/>\n<meta property=\"og:site_name\" content=\"Newby Castleman\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-18T11:59:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-03T12:53:40+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Hannah Powe\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.newbycastleman.co.uk\/#website\",\"url\":\"https:\/\/www.newbycastleman.co.uk\/\",\"name\":\"Newby Castleman\",\"description\":\"Chartered Accountants\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.newbycastleman.co.uk\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.newbycastleman.co.uk\/industry-news\/capital-gains-tax-and-property-60-days-to-declare\/#webpage\",\"url\":\"https:\/\/www.newbycastleman.co.uk\/industry-news\/capital-gains-tax-and-property-60-days-to-declare\/\",\"name\":\"Capital Gains Tax and property I Newby Castleman\",\"isPartOf\":{\"@id\":\"https:\/\/www.newbycastleman.co.uk\/#website\"},\"datePublished\":\"2023-10-18T11:59:25+00:00\",\"dateModified\":\"2024-01-03T12:53:40+00:00\",\"author\":{\"@id\":\"https:\/\/www.newbycastleman.co.uk\/#\/schema\/person\/5b9e8962ea676bacdd9afcfeb177b23b\"},\"description\":\"Selling or disposing of residential property in the UK? 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60-day deadline for reporting & paying Capital Gains Tax (CGT) to HMRC.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.newbycastleman.co.uk\/industry-news\/capital-gains-tax-and-property-60-days-to-declare\/","og_locale":"en_GB","og_type":"article","og_title":"Capital Gains Tax and property I Newby Castleman","og_description":"Selling or disposing of residential property in the UK? 60-day deadline for reporting & paying Capital Gains Tax (CGT) to HMRC.","og_url":"https:\/\/www.newbycastleman.co.uk\/industry-news\/capital-gains-tax-and-property-60-days-to-declare\/","og_site_name":"Newby Castleman","article_published_time":"2023-10-18T11:59:25+00:00","article_modified_time":"2024-01-03T12:53:40+00:00","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Hannah Powe","Estimated reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/www.newbycastleman.co.uk\/#website","url":"https:\/\/www.newbycastleman.co.uk\/","name":"Newby Castleman","description":"Chartered Accountants","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.newbycastleman.co.uk\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/www.newbycastleman.co.uk\/industry-news\/capital-gains-tax-and-property-60-days-to-declare\/#webpage","url":"https:\/\/www.newbycastleman.co.uk\/industry-news\/capital-gains-tax-and-property-60-days-to-declare\/","name":"Capital Gains Tax and property I Newby Castleman","isPartOf":{"@id":"https:\/\/www.newbycastleman.co.uk\/#website"},"datePublished":"2023-10-18T11:59:25+00:00","dateModified":"2024-01-03T12:53:40+00:00","author":{"@id":"https:\/\/www.newbycastleman.co.uk\/#\/schema\/person\/5b9e8962ea676bacdd9afcfeb177b23b"},"description":"Selling or disposing of residential property in the UK? 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