Capital Gains Tax (CGT) on the sale of property
Report capital gains on the sale of your UK property to HMRC and pay the correct tax.
What is CGT?
Capital Gains Tax (CGT) is payable on the profit (or ‘gain’) realised from the disposal of a residential property that has increased in value over time. The tax is charged on the profit made, rather than on the total sale proceeds of the property.
CGT is not applicable where the property disposed of is the individual’s main residence, or where the total gains realised within the tax year fall below the annual exempt amount of £300.
How much time do I get to report and pay CGT?
Whether you are a UK resident or overseas investor, you will get only 60 days from the date of sale to calculate, report and pay CGT to HMRC. Missing the 60-day deadline can result in fines and penalties, with interest applied.
Factors considered in calculating CGT
CGT calculations are complex and require factoring in many aspects of ownership, income and expenses to get it right and claim the correct reliefs and exemptions. CGT calculations are greatly impacted by the following:
How does Abbott & Brown help with CGT on residential properties?
Our property tax specialists provide tailored CGT advice on property disposals, with support on lettings relief, deductible expenses and the use of capital losses. We also advise on Principal Private Residence Relief (PPR), which may reduce or eliminate CGT where the property has been your main home.
Why choose Abbott & Brown for CGT?
From £300