The following Personal Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
The date of the disposal determines the period in which the gain is subject to capital gains tax (CGT). When the rates of CGT change, the determination of the date of disposal can also affect the rate of CGT that applies to the gain.
See the Introduction to capital gains tax guidance note.
The rules for determining the date of disposal vary according to the type of disposal made (see below).
The following disposals made by non-residents that are taxable in the UK under the NRCGT rules must be reported to HMRC within 30 days of conveyance (ie the date of completion) via a CGT UK property disposals return:
disposals of a directly-held interest in UK residential property from 6 April 2015 onwards
disposals of a directly-held interest in any UK land and any indirectly-held interest in UK land (ie disposal of shares in a property-rich company) from 6 April 2019 onwards
Note that for the purposes of the rate of CGT and the tax year in which it falls, it is the date on which unconditional contracts are exchanged that matters. It is just the reporting deadline which is triggered by the date of completion.
From 6 April 2019, the non-resident must also make a payment the estimated CGT due by the same 30-day deadline. Prior to this date, a payment was only required where the taxpayer was not already within the self assessment regime (ie filed UK tax returns each year).
See the Non-resident capital gains tax (NRCGT) on UK land ― individuals and Disposals of UK land ― capital gains tax compliance regime guidance notes.
From 6 April 2020 onwards, UK residents disposing of directly-held interests in UK residential property must file a CGT UK property disposals return to disclose the disposal within 30 days of the date of conveyance.
A payment of the estimated CGT due must also be made by the same
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
IntroductionUK tax must be withheld on UK payments including:•interest•royalties•rental incomeWithholding tax may be reduced under double tax treaties (DTT) or European directives, both of which may be subject to making a formal claim.This guidance note outlines the rules for UK withholding tax, and
This guidance note explains the general rules surrounding the availability of indexation allowance on the disposal of company assets and provides information on the rebasing rules for assets held on 31 March 1982. For an overview of the general position regarding company disposals, please refer to
From 6 April 2015, an individual can elect to transfer 10% of the personal allowance (£1,250 in 2020/21 and 2019/20) to the spouse or civil partner where neither party is a higher rate or additional rate taxpayer. The legislation calls this the ‘transferable tax allowance’ but the GOV.UK website
This guidance note provides details of quarterly instalment payments (QIPs) for corporation tax purposes and which companies need to pay their tax liabilities in this manner.Generally, corporation tax is payable nine months and one day after the end of the relevant accounting period. However, large
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.