New property disposal guide
Property. Since AprilĀ 2020 there has been a single system for reporting disposals made by:
- UK residents realising a gain on UK residential property (or an interest therein) where there is some capital gains tax (CGT) to pay; and
- non-UK residents making a disposal of any UK land (or an interest therein), irrespective of whether there is any CGT.
Guide. The Association of Tax Technicians (ATT) has now published a guide to using the service (see Follow up ). This has been tailored to accountants and tax advisors completing the returns on behalf of clients.
Key points. To use the service to complete returns for your clients, you will need to register as an agent specifically for the disclosure service. You can do this via the agent services account. In addition, your client will need to set up an account on the CGT for UK Property service.
Pro advice. Making the disclosure doesnāt remove the need to report the gain on the self-assessment return later in the year.
Follow up Ā https://www.tips-and-advice.co.uk , Download Zone, yr.7, iss.6