RESIDENTIAL PROPERTY Reform of 6 April 2020

The new regime governing the reporting of capital gains on disposals of residential property took effect on 6 April 2020.
From 6 April 2020, residential property disposals must be reported and the resulting tax must be paid within 30 days of completion. Separate returns are required to be filed for each property sold unless two occur on the same day. Sales covered by the only or main residence exemption need not be reported. A new system for the administration and tax collection is being set up by HMRC.