Capital Gains Tax Reporting – 60 Days

Many people don’t know that when they sell a property in the UK and have capital gains tax to pay, they only have 60 days to report this and pay the tax owed.

If you’re a non-resident, you have to file even if you made a loss !

Do you need to file a Property Disposal Form?

> Are you selling, or have you recently sold, a residential property in the UK?

> Was the property rented out at any time of ownership, or was it not your primary residence (i.e a second home)?

If you have answered YES to the two questions above then you may be required to report the disposal and pay any capital gains tax due on the sale within 60 days.

Capital Gains Tax for Expats / Non-Residents

ALL non-resident expats in the UK, MUST report any capital gains and pay any taxes owed on UK property within 60 days of completion. Even if you make a loss on the sale, you need to report it.

Capital Gains Tax for UK Nationals & Residents

Whether you need to file a report and/or pay CGT will depend on several factors including:

Total proceeds of sale
Whether you were resident in the property and for how long
Must you pay in 60 days or can you wait until your self-assessment tax return?

To find out if you need to file, follow the detail in the flow chart below. You can also read Capital Gains Tax on Residential Property to learn more about the latest rules.