Capital Gains Tax: what you pay it on, rates and allowances
Reporting and paying Capital Gains Tax
You do not get a bill for Capital Gains Tax. You must work out if your total gains are above your tax-free allowance.
If your total taxable gains are above your allowance, you’ll need to report and pay Capital Gains Tax.
You may get tax relief if you sold a property that was your main home.
When to report and pay
You must report any capital gains and pay any money you owe by the deadline.
| Date of sale (or ‘disposal’) | When you must report and pay |
|---|---|
| If you sold a residential property in the UK with a completion date on or after 27 October 2021 | Within 60 days |
| If you sold a residential property in the UK with a completion date between 6 April 2020 and 26 October 2021 | Within 30 days |
| If you have other gains to report | In the tax year after you sold or disposed of an asset if you use a Self Assessment tax return. If you’re eligible, you may be able to use the ‘real time’ Capital Gains Tax service to report by 31 December in the tax year after the sale |
Do not wait until the next tax year to report gains on UK residential property sold since 6 April 2020. You may have to pay interest and a penalty if you do.
If you’re not resident in the UK
You must report all sales of UK property or land (residential and non-residential) if you’re not a UK resident, even if you have no tax to pay.