Posted 27/07/2020 In Advice, Blog, News 2020-07-272020-07-27https://www.wrightvigar.co.uk/wp-content/uploads/2017/01/wright-vigar-logo.pngWright Vigarhttps://www.wrightvigar.co.uk/wp-content/uploads/2017/01/wright-vigar-logo.png200px200px 0 0 To avoid a penalty, you must report and pay any Capital Gains Tax on disposals of UK residential property within the new rules by 31 July. The new requirement to report and pay capital gains tax (CGT) on disposals of UK residential property within 30 days of completion applies to disposals made by UK resident taxpayers on or after 6 April 2020. In response to lobbying by the ICAEW and as a result of COVID-19 the reporting deadline was effectively extended, so that no late filing penalties will apply for transactions completed between 6 April 2020 and 1 July 2020, provided they are reported by 31 July 2020. The extension only applies to UK resident taxpayers. Non-resident taxpayers have been subject to the 30 day reporting regime since 2015. Find out more If you found this update useful please feel free to pass it on and share our social media posts. Recent PostsBudgeting Strategies for Educational Institutions: Maximising ResourcesWright Vigar Hosts Successful Charity Golf Days, Raising Over £2,000 for Local HospicesFinancial Insights for Scaling Startups: Managing Growth Wisely