• B M Howarth

Temporary Penalty Suspension For Late Capital Gains Tax Returns  

HMRC have confirmed sellers of UK residential property, where a Capital Gains Tax Return is required within 30 days of completion, will not receive a late filing penalty for any transactions completed on or after 6th April 2020 to 1st July 2020 which are due to be reported up to 31st July 2020.

Transactions completed from 1st July 2020 will receive a late filing penalty if they are not reported within 30 calendar days

Interest, however, will be charged if the tax remains unpaid after 30 days for all transactions from 6th April 2020.