CAPITAL GAINS TAX RETURNS
Reporting Capital Gains
Capital Gains Tax is the tax on the profit you make on disposal of an asset. The most common type of capital gain is that on residential property.
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When you dispose of a residential property in the UK, you need to report the gain and pay the tax within 60 days after the completion date. Reporting capital gains is done outside the ordinary self assessment tax return process, therefore a separate registation and filing is required when you dispose of a residential property in the UIK.
How does it work for residential property?
- your dispose your property and agree the completion date;
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- on or aftere the completion date you register to report capital gains with HMRC;
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- we calculate the capital gain on your diposal, taking into account any allowances that may minimize your gain;
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- we advise you of how to pay the tax to HMRC, you pay this within 60 days of completion date.
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