Report and pay Capital Gains Tax
How and when you report Capital Gains Tax over your annual allowance depends on what you made the gain on.
There are different ways to report and pay Capital Gains Tax due on:
- UK residential property sold since 6 April 2020
- any other gains
To report any capital gains you’ll need:
- calculations for each capital gain or loss you report
- details of how much you bought and sold the asset for
- the dates when you took ownership and disposed of the asset
- any other relevant details, such as the costs of disposing of the asset and any tax reliefs you’re entitled to
If you sold property in the UK on or after 6 April 2020
You must report and pay any tax due on UK residential property using a Capital Gains Tax on UK property account within 30 days of selling it.
You may have to pay interest and a penalty if you do not report gains on UK property within 30 days of selling it.
You’ll need a Government Gateway user ID and password to set your account up or sign in. If you do not have a user ID, you can create one the first time you sign in.
Once you have an account you can sign in at any time to report Capital Gains Tax on UK property or see any returns you’ve already sent.
If you’re not resident in the UK
You must report sales of UK property as a non-resident within 30 days, even if you have no tax to pay.
If you’re reporting on behalf of someone else or a trust
You need to use your own Capital Gains Tax on UK property account to report on behalf of someone else.
You’ll need proof you’re allowed to report on their behalf, such as a lasting power of attorney. If the person has died, you’ll need to give their date of death.
If you’re reporting as a trustee of a registered trust, you’ll need the trust’s registration number or unique tax reference.
There’s a different way to report your client’s Capital Gains Tax on UK property as an agent.
If you have other capital gains to report
If your gain is not from residential property sold in the UK since 6 April 2020, you have a choice of how and when to report the tax.
Report and pay the tax straightaway
You can use the ‘real time’ Capital Gains Tax service immediately if you know what you owe.
You need to report your gain by 31 December in the tax year after you made the gain. For example, if you made a gain in the 2020 to 2021 tax year, you need to report it by 31 December 2021.
You’ll need a Government Gateway user ID and password. If you do not have a user ID, you can create one when you report and pay.
After you’ve reported your gains, HMRC will send you a letter or email giving you a payment reference number and telling you how to pay.
If you need to change your report using the service, you’ll need your report reference number starting with ‘RTT’. You’ll get it by email within 10 days.
Report your gains in a Self Assessment tax return in the following tax year
You can report your gains in a Self Assessment tax return in the tax year after you disposed of assets.
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 do not usually send a tax return, register for Self Assessment after the tax year you disposed of your chargeable assets.
You can get help with your tax return from an accountant or tax adviser.
After you’ve sent your return HMRC will tell you how much you owe in Capital Gains Tax, how to pay and when to pay by.