Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that has increased in value.From 6 April 2020, if you are a UK resident and sell a residential property in the UK you will have 30 days to tell HMRC and pay any Capital Gains Tax owed.If you do not tell HMRC about any Capital Gains Tax within 30 days of completion, you may be sent a penalty as well as having to pay interest on what you owe - so it is really important that everyone involved in the sale of a residential property fully understands these changes, which affect both UK and non-UK residents.If you are a non-UK resident you must continue to report sales or disposals of interests in UK property or land, regardless of whether there is a Capital Gains Tax liability within 30 days of completion of the disposal.
