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With effect from 6th April 2020, UK resident sellers of UK residential property are required to file a residential property tax return and pay capital gains tax within 30 days of completion. Where the return is filed late, late filing penalties will be imposed, however, HMRC has announced that in order to help sellers familiarise themselves with the new process, no late filing penalties will be charged in connection with returns which are due by 31 July 2020. Interest, however, will continue to accrue on any tax which is not paid within the 30 day time limit. Transactions which complete from 1 July 2020 onwards will attract penalties if the related tax return is filed late.
This easement does not apply to non-UK resident sellers of UK residential property as they have been required to file non-resident capital gains tax returns within 30 days of completion since 2015.