{"id":4156,"date":"2020-03-09T11:31:08","date_gmt":"2020-03-09T11:31:08","guid":{"rendered":"https:\/\/www.georgehay.co.uk\/blogs\/?p=4156"},"modified":"2023-11-16T11:44:07","modified_gmt":"2023-11-16T11:44:07","slug":"capital-gains-tax-payment-terms-change-april-2020","status":"publish","type":"post","link":"https:\/\/www.georgehay.co.uk\/blogs\/2020\/03\/capital-gains-tax-payment-terms-change-april-2020\/","title":{"rendered":"Capital Gains Tax payment terms change in April 2020"},"content":{"rendered":"

On 6 April 2020, Capital Gains Tax<\/a> (CGT) payment terms will change. If you are selling a residential property, you will be required to settle any charges within a new 30-day period.<\/p>\n

Taxpayers will not settle charges via the annual self-assessment process but will report the gains on their annual tax return.<\/p>\n

Despite the fact that this represents a fundamental change to the administration of CGT on sales or disposals of UK residential property, it is one that has been scarcely publicised by HM Revenue & Customs (HMRC).<\/p>\n

Changes to CGT payment terms<\/h5>\n

Currently, CGT at 28% is payable by 31 January in the tax year following that within which the disposal occurred.<\/p>\n

However, where a taxable gain is made on the disposal of UK residential property, on or after 6 April, payment terms are reduced to 30 days from completion of the disposal. This means taxpayers must make a residential property return and a payment on account of CGT within 30 days.<\/p>\n

A \u2018payment on account\u2019 is an advance payment of the total due. However, once calculations have been checked by HMRC, it is possible that corrections may be made.<\/p>\n

Residential property returns will not be required where no gain\/loss has been made on the disposal. This also applies to disposals where no tax is due.<\/p>\n

Consequently, taxpayers will have less time available between disposal and needing to make a Capital Gains Tax payment.<\/p>\n

Impact of the changes on property owners<\/h5>\n

You may be affected if you are disposing of a second home, rental property (landlords) or additional inherited property.<\/p>\n

Many property owners<\/a> are looking for answers, but HMRC\u2019s guidance on the matter appears only to have caused mass confusion rather than offer any clarity.<\/p>\n

Given the intricacies associated with disposing of property, seeking professional advice is wise. With the right support in place, you can be confident that you are compliant with the law and that your transaction is being carried out in the most tax-efficient manner possible.<\/p>\n

If you are disposing of residential property after 6 April, you must be organised. Having your ducks in a row means you are more likely to meet the deadline and avoid penalties.<\/p>\n

Furthermore, as a matter of priority, you should notify your accountant or adviser at the earliest opportunity. Notifying us promptly allows us time to gather the relevant information and advise you of the resulting tax liability.<\/p>\n

How can George Hay help?<\/h5>\n

If you are thinking about disposing of a UK residential property and you are concerned about how the changes to the Capital Gains Tax payment terms might affect you, contact<\/a> one of our property tax experts today to discuss your circumstances in more detail.<\/p>\n

www.georgehay.co.uk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

On 6 April 2020, Capital Gains Tax (CGT) payment terms will change. If you are selling a residential property, you will be required to settle any charges within a new 30-day period. Taxpayers will not settle charges via the annual<\/p>\n","protected":false},"author":5,"featured_media":5922,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,12,81,239,8,70,148,9,230],"tags":[578,57,68,51,511,484,579],"class_list":["post-4156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","category-barry-jefferd","category-hmrc","category-industry-sectors","category-personal-taxation","category-property","category-property-taxation","category-tax","category-team-member","tag-capital-gains","tag-cgt","tag-hmrc","tag-landlords","tag-payment-on-account","tag-property-tax","tag-residential-property"],"yoast_head":"\nCapital Gains Tax payment terms change in April 2020 - George Hay Blog<\/title>\n<meta name=\"description\" content=\"On 6 April 2020, Capital Gains Tax payment terms will change. If you are selling a residential property, you must settle any charges within 30 days.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.georgehay.co.uk\/blogs\/2020\/03\/capital-gains-tax-payment-terms-change-april-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capital Gains Tax payment terms change in April 2020 - George Hay Blog\" \/>\n<meta property=\"og:description\" content=\"On 6 April 2020, Capital Gains Tax payment terms will change. If you are selling a residential property, you must settle any charges within 30 days.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.georgehay.co.uk\/blogs\/2020\/03\/capital-gains-tax-payment-terms-change-april-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"George Hay Blog\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-09T11:31:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-16T11:44:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.georgehay.co.uk\/blogs\/wp-content\/uploads\/2020\/03\/CGT-payment-terms-April-2020.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"768\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Barry Jefferd\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Barry Jefferd\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/2020\\\/03\\\/capital-gains-tax-payment-terms-change-april-2020\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/2020\\\/03\\\/capital-gains-tax-payment-terms-change-april-2020\\\/\"},\"author\":{\"name\":\"Barry Jefferd\",\"@id\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/#\\\/schema\\\/person\\\/c6ead19f08150ddd7b01394f37810789\"},\"headline\":\"Capital Gains Tax payment terms change in April 2020\",\"datePublished\":\"2020-03-09T11:31:08+00:00\",\"dateModified\":\"2023-11-16T11:44:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/2020\\\/03\\\/capital-gains-tax-payment-terms-change-april-2020\\\/\"},\"wordCount\":453,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/2020\\\/03\\\/capital-gains-tax-payment-terms-change-april-2020\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/CGT-payment-terms-April-2020.png\",\"keywords\":[\"capital gains\",\"CGT\",\"HMRC\",\"landlords\",\"payment on account\",\"property tax\",\"residential property\"],\"articleSection\":[\"Accounting\",\"Barry Jefferd\",\"HMRC\",\"Industry Sectors\",\"Personal Taxation\",\"Property\",\"Property Taxation\",\"Tax\",\"Team Member\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/2020\\\/03\\\/capital-gains-tax-payment-terms-change-april-2020\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/2020\\\/03\\\/capital-gains-tax-payment-terms-change-april-2020\\\/\",\"url\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/2020\\\/03\\\/capital-gains-tax-payment-terms-change-april-2020\\\/\",\"name\":\"Capital Gains Tax payment terms change in April 2020 - George Hay Blog\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/2020\\\/03\\\/capital-gains-tax-payment-terms-change-april-2020\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/2020\\\/03\\\/capital-gains-tax-payment-terms-change-april-2020\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/CGT-payment-terms-April-2020.png\",\"datePublished\":\"2020-03-09T11:31:08+00:00\",\"dateModified\":\"2023-11-16T11:44:07+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/#\\\/schema\\\/person\\\/c6ead19f08150ddd7b01394f37810789\"},\"description\":\"On 6 April 2020, Capital Gains Tax payment terms will change. If you are selling a residential property, you must settle any charges within 30 days.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/2020\\\/03\\\/capital-gains-tax-payment-terms-change-april-2020\\\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/2020\\\/03\\\/capital-gains-tax-payment-terms-change-april-2020\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/2020\\\/03\\\/capital-gains-tax-payment-terms-change-april-2020\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/CGT-payment-terms-April-2020.png\",\"contentUrl\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/CGT-payment-terms-April-2020.png\",\"width\":1024,\"height\":768},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/2020\\\/03\\\/capital-gains-tax-payment-terms-change-april-2020\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Capital Gains Tax payment terms change in April 2020\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/#website\",\"url\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/\",\"name\":\"George Hay Blog\",\"description\":\"Chartered Accountants and Business Advisers in Bedfordshire, Cambridgeshire and Hertfordshire\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/#\\\/schema\\\/person\\\/c6ead19f08150ddd7b01394f37810789\",\"name\":\"Barry Jefferd\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/wp-content\\\/uploads\\\/2022\\\/02\\\/barry-jefferd-96x96.jpg\",\"url\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/wp-content\\\/uploads\\\/2022\\\/02\\\/barry-jefferd-96x96.jpg\",\"contentUrl\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/wp-content\\\/uploads\\\/2022\\\/02\\\/barry-jefferd-96x96.jpg\",\"caption\":\"Barry Jefferd\"},\"url\":\"https:\\\/\\\/www.georgehay.co.uk\\\/blogs\\\/author\\\/barry_jefferd\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Capital Gains Tax payment terms change in April 2020 - George Hay Blog","description":"On 6 April 2020, Capital Gains Tax payment terms will change. If you are selling a residential property, you must settle any charges within 30 days.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.georgehay.co.uk\/blogs\/2020\/03\/capital-gains-tax-payment-terms-change-april-2020\/","og_locale":"en_GB","og_type":"article","og_title":"Capital Gains Tax payment terms change in April 2020 - George Hay Blog","og_description":"On 6 April 2020, Capital Gains Tax payment terms will change. If you are selling a residential property, you must settle any charges within 30 days.","og_url":"https:\/\/www.georgehay.co.uk\/blogs\/2020\/03\/capital-gains-tax-payment-terms-change-april-2020\/","og_site_name":"George Hay Blog","article_published_time":"2020-03-09T11:31:08+00:00","article_modified_time":"2023-11-16T11:44:07+00:00","og_image":[{"width":1024,"height":768,"url":"https:\/\/www.georgehay.co.uk\/blogs\/wp-content\/uploads\/2020\/03\/CGT-payment-terms-April-2020.png","type":"image\/png"}],"author":"Barry Jefferd","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Barry Jefferd","Estimated reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.georgehay.co.uk\/blogs\/2020\/03\/capital-gains-tax-payment-terms-change-april-2020\/#article","isPartOf":{"@id":"https:\/\/www.georgehay.co.uk\/blogs\/2020\/03\/capital-gains-tax-payment-terms-change-april-2020\/"},"author":{"name":"Barry Jefferd","@id":"https:\/\/www.georgehay.co.uk\/blogs\/#\/schema\/person\/c6ead19f08150ddd7b01394f37810789"},"headline":"Capital Gains Tax payment terms change in April 2020","datePublished":"2020-03-09T11:31:08+00:00","dateModified":"2023-11-16T11:44:07+00:00","mainEntityOfPage":{"@id":"https:\/\/www.georgehay.co.uk\/blogs\/2020\/03\/capital-gains-tax-payment-terms-change-april-2020\/"},"wordCount":453,"commentCount":0,"image":{"@id":"https:\/\/www.georgehay.co.uk\/blogs\/2020\/03\/capital-gains-tax-payment-terms-change-april-2020\/#primaryimage"},"thumbnailUrl":"https:\/\/www.georgehay.co.uk\/blogs\/wp-content\/uploads\/2020\/03\/CGT-payment-terms-April-2020.png","keywords":["capital gains","CGT","HMRC","landlords","payment on account","property tax","residential property"],"articleSection":["Accounting","Barry Jefferd","HMRC","Industry Sectors","Personal Taxation","Property","Property Taxation","Tax","Team Member"],"inLanguage":"en-GB","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.georgehay.co.uk\/blogs\/2020\/03\/capital-gains-tax-payment-terms-change-april-2020\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.georgehay.co.uk\/blogs\/2020\/03\/capital-gains-tax-payment-terms-change-april-2020\/","url":"https:\/\/www.georgehay.co.uk\/blogs\/2020\/03\/capital-gains-tax-payment-terms-change-april-2020\/","name":"Capital Gains Tax payment terms change in April 2020 - George Hay Blog","isPartOf":{"@id":"https:\/\/www.georgehay.co.uk\/blogs\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.georgehay.co.uk\/blogs\/2020\/03\/capital-gains-tax-payment-terms-change-april-2020\/#primaryimage"},"image":{"@id":"https:\/\/www.georgehay.co.uk\/blogs\/2020\/03\/capital-gains-tax-payment-terms-change-april-2020\/#primaryimage"},"thumbnailUrl":"https:\/\/www.georgehay.co.uk\/blogs\/wp-content\/uploads\/2020\/03\/CGT-payment-terms-April-2020.png","datePublished":"2020-03-09T11:31:08+00:00","dateModified":"2023-11-16T11:44:07+00:00","author":{"@id":"https:\/\/www.georgehay.co.uk\/blogs\/#\/schema\/person\/c6ead19f08150ddd7b01394f37810789"},"description":"On 6 April 2020, Capital Gains Tax payment terms will change. If you are selling a residential property, you must settle any charges within 30 days.","breadcrumb":{"@id":"https:\/\/www.georgehay.co.uk\/blogs\/2020\/03\/capital-gains-tax-payment-terms-change-april-2020\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.georgehay.co.uk\/blogs\/2020\/03\/capital-gains-tax-payment-terms-change-april-2020\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.georgehay.co.uk\/blogs\/2020\/03\/capital-gains-tax-payment-terms-change-april-2020\/#primaryimage","url":"https:\/\/www.georgehay.co.uk\/blogs\/wp-content\/uploads\/2020\/03\/CGT-payment-terms-April-2020.png","contentUrl":"https:\/\/www.georgehay.co.uk\/blogs\/wp-content\/uploads\/2020\/03\/CGT-payment-terms-April-2020.png","width":1024,"height":768},{"@type":"BreadcrumbList","@id":"https:\/\/www.georgehay.co.uk\/blogs\/2020\/03\/capital-gains-tax-payment-terms-change-april-2020\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.georgehay.co.uk\/blogs\/"},{"@type":"ListItem","position":2,"name":"Capital Gains Tax payment terms change in April 2020"}]},{"@type":"WebSite","@id":"https:\/\/www.georgehay.co.uk\/blogs\/#website","url":"https:\/\/www.georgehay.co.uk\/blogs\/","name":"George Hay Blog","description":"Chartered Accountants and Business Advisers in Bedfordshire, Cambridgeshire and Hertfordshire","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.georgehay.co.uk\/blogs\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Person","@id":"https:\/\/www.georgehay.co.uk\/blogs\/#\/schema\/person\/c6ead19f08150ddd7b01394f37810789","name":"Barry Jefferd","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.georgehay.co.uk\/blogs\/wp-content\/uploads\/2022\/02\/barry-jefferd-96x96.jpg","url":"https:\/\/www.georgehay.co.uk\/blogs\/wp-content\/uploads\/2022\/02\/barry-jefferd-96x96.jpg","contentUrl":"https:\/\/www.georgehay.co.uk\/blogs\/wp-content\/uploads\/2022\/02\/barry-jefferd-96x96.jpg","caption":"Barry Jefferd"},"url":"https:\/\/www.georgehay.co.uk\/blogs\/author\/barry_jefferd\/"}]}},"_links":{"self":[{"href":"https:\/\/www.georgehay.co.uk\/blogs\/wp-json\/wp\/v2\/posts\/4156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.georgehay.co.uk\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.georgehay.co.uk\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.georgehay.co.uk\/blogs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.georgehay.co.uk\/blogs\/wp-json\/wp\/v2\/comments?post=4156"}],"version-history":[{"count":4,"href":"https:\/\/www.georgehay.co.uk\/blogs\/wp-json\/wp\/v2\/posts\/4156\/revisions"}],"predecessor-version":[{"id":4161,"href":"https:\/\/www.georgehay.co.uk\/blogs\/wp-json\/wp\/v2\/posts\/4156\/revisions\/4161"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.georgehay.co.uk\/blogs\/wp-json\/wp\/v2\/media\/5922"}],"wp:attachment":[{"href":"https:\/\/www.georgehay.co.uk\/blogs\/wp-json\/wp\/v2\/media?parent=4156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.georgehay.co.uk\/blogs\/wp-json\/wp\/v2\/categories?post=4156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.georgehay.co.uk\/blogs\/wp-json\/wp\/v2\/tags?post=4156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}