HMRC Online CGT Service for Landlords Goes Live
You may be required to pay Capital Gainst Tax (CGT) if you make a profit/gain when you sell/dispose of certain property e.g.buy to let property, land, inherited property.
The new requirement is that FOR ANY SUCH UK PROPERTY SOLD/DISPOSED OF ON OR AFTER 6th APRIL 2020 YOU HAVE 30 DAYS AFTER COMPLETION DATE TO REPORT AND PAY ANY CGT DUE.
HM Revenue & Customs has activated an online service for landlords who need to pay CGT under the new rules.
Landlords must first create a UK property CGT account with HMRC however, if you already have a government gateway ID you can just log in.
If you do not have a gateway ID, click ‘create sign in details’, enter an email address and wait for a confirmation code to arrive.
Enter the code and a government gateway ID is issued.
To complete the report you will need the following information to hand:
Some elements of the service won’t be fully implemented until early May. For example, you won’t be able to amend returns or send additional ones for the same person and if someone is acting as a capacitor for someone else the service won’t open for them until May. You would then get a message informing you of the alternative arrangements.