On 6th April 2020 the rules on submission of capital gains tax returns for residential property changed and UK residents who are individuals, trustees or personal representatives will be affected.  Exemptions to reporting requirements include inter-spouse transfers.

A report will need to be made within 30 days of completion of the transaction and late filing or reporting can lead to a £100 fixed penalty.  If three months late further penalties may be imposed and between 6 and 12 months late, a penalty of 5% of the liability or £300 whichever is higher.

These rules will affect people who own second properties.

If you think you will be affected, you should contact your accountant who can advise you as to your position.