If you’re selling UK property or land, you may need to report the disposal to HMRC.
If you’re selling UK property or land, whether you’re a UK resident or non-resident, you may need to report the disposal to HMRC.
Here’s what you need to know:
Non-UK Residents
If you’re not a UK resident, you must report every disposal of UK property or land, even if:
- You have no Capital Gains Tax (CGT) to pay
- You made a loss on the sale
- You’re already registered for Self-Assessment
This applies to residential, non-residential, and mixed-use property, as well as rights to assets deriving 75% or more of their value from UK land.
UK Residents
If you’re a UK resident, you only need to file a Capital Gains Tax return for property sales if you have Capital Gains Tax to pay after applying reliefs and allowances.
For example, if you sell a second home or a buy-to-let property and the gain exceeds your annual CGT allowance, you must report and pay within the deadline.
Deadlines
- 60 days from completion for disposals on or after 27 October 2021
- 30 days for disposals between 6 April 2020 and 26 October 2021
Missing these deadlines can result in HMRC penalties and interest charges.
Why Choose PetersonSims?
Reporting UK property disposals can be complex. At PetersonSims, we:
- Ensure all available reliefs are claimed, such as Private Residence Relief
- Apply the rebasing method for non-residents (if more beneficial) to minimise taxable gains
- Handle the entire reporting process for you, ensuring compliance and timely submission
If you require our assistance with reporting your UK property disposal, and you are looking for a fast response to your questions, please contact us at [email protected].
