Capital Gains Tax Returns
We're here to make sure you have everything you need when selling your house.
Legal advice on Capital Gains Tax Returns
Capital Gains Tax is the tax you pay on profit made when you sell an asset that has increased in value.
Capital Gains Tax (CGT) applies to many assets, including UK residential property. The ‘gain’ is the difference between what you paid for the property and what you sold it for.
It refers to all disposals of property, including gifting a property, exchanging it, or transferring it to or from a trust, not just selling it.
To report or pay CGT on UK residential property, you must file your CGT return online within 30 days of the completion date, paying the tax due at the same time.
At the end of the tax year, you still need to list the disposal on your self-assessment return. Any tax you have already paid will be taken into account, so you will either pay the balance if more is due, or get a refund if you have overpaid.
Tax law is complicated and often changes, so it can be a challenge to stay on top of your various tax obligations. Our expert tax advisers have a deep knowledge of tax returns and calculations and can help you make sense of your CGT.
Reporting your Capital Gains Tax return
Let’s take a look at when you need to report, and what you will need to do it.Frequently Asked Questions
This is the term used for getting rid of an asset. In the context of property, a disposal can mean:
- Selling your property
- Exchanging it for something else
- Transferring it into or from a trust
- Gifting it to someone else (even if no money exchange is involved).
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