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Detail of outcome
The responses have been considered and informed the draft provisions published for inclusion in Finance Bill 2018 to 2019.
From April 2020, a payment on account of Capital Gains Tax (CGT) will need to be made when a residential property is sold or otherwise disposed of, such as by giving it away.
Payment will be due within 30 days of the completion of the disposal. The changes mainly affect those disposing of a second home or rental property.
They will not apply where the gains are not chargeable to CGT, for example, where the gains are covered by private residence relief.
This is a technical consultation on:
- how the amount payable will be calculated
- the administration of those payments
- changes to an existing CGT payment on account system for non-residents who dispose of UK residential property