COVID-19: CGT portal for residential property disposals
HMRC advises that the online service for reporting and paying capital gains tax on UK property disposals was launched on 6 April 2020. In response to COVID-19 HMRC have advised that late filing penalties will not be charged for disposals completed between 6 April and 30 June 2020.
Taxpayers/agents will have up to 31 July 2020 to submit returns without incurring a late filing penalty. Normal filing deadlines will start from 1 July 2020, meaning that any taxpayer who files a late return from 1 August 2020 onwards will be charged a late filing penalty. If taxpayers do file late and receive a late filing penalty, then they will be able to appeal against that penalty in the normal way. Late payment interest will continue to be charged on payments which are late.