Capital Gains Tax on UK Property

You have 30 or 60 days from the sale of a residential property to calculate, report and pay any Capital Gains Tax due (CGT) depending on the sale date. Our CGT experts will help you to mitigate your CGT liability, whilst ensuring you don’t incur unnecessary penalties for not meeting HMRC’s reporting deadline.

If you’ve sold, are in the process of selling, or are looking to sell a residential property, you must consider the tax liabilities which may arise on any increase in the property’s value since you acquired it. In the UK, any property sold where the owner has not used it solely for the purposes of their private residence will be subject to Capital Gains Tax (CGT) which will be due for payment 30 days after the sale has been completed if sold before 27th October 2021 or 60 days if sold after this date.

In order to calculate the tax due to HMRC, you will need to calculate your gain after deducting relevant costs and consider if any tax reliefs are available. The calculation can be complex, especially for those that have used the property for business, have made improvements or alterations.

If you’d like a greater understanding of how Capital Gains Tax applies to UK residential property, as well as some information on rates and how to calculate your gain, you can refer to our article, We explain capital gains tax on the disposal of a UK residential property.

Alternatively, our team of Capital Gains Tax experts have vast experience in dealing with the most complex of cases, so whatever your situation is, we will be able to advise, calculate, and report your tax liability on your behalf, ensuring you report and pay the correct amount of tax due on the sale of your property within your payment period.

Make sure you seek expert and timely advice in calculating your CGT liabilities. We offer a free 30-minute consultation to gain an understanding of your situation and to figure out together how your situation can be handled in the most tax-efficient manner. 

What our clients say

« Bracey’s have provided us with a whole host of advice – personal tax, PAYE, R&D claims, Corporation Tax, payroll & pensions. As with a lot of businesses, we have randomly been selected for a VAT enquiry from HMRC. This can be quite a daunting occasion for a small business but the team from Bracey’s attended our offices to offer HMRC any information they needed and they conducted themselves in a capable, unfazed manner «

Managing Director, Hertfordshire Technology Firm

« Bracey’s have dealt with a number of areas as part of my tax return including foreign exchange income, online sales, buy to let income, VAT registration, advice regarding companies house and everything else in between. Nothing has been too much trouble or too complicated. «

Gerard Sandford, LLP

« Bracey’s have been instrumental in streamlining my invoicing procedure, they are speedy with their responses, friendly and always extremely patient; which if you knew me, is really needed! Braceys have provided me with accounts/tax/invoicing and all the usual; but on top of this, advice on a whole manner of situations that arise in my business. «

Jim Erwood - Founder - Extra Time Management Ltd
Braceys Logo
close icon