HMRC Online CGT Service for Landlords Goes Live | Guild of Residential Landlords

HM Revenue & Customs has switched on online services for landlords who need to pay capital gains tax under new rules that came into force on April 6 2020.

Anyone who makes a profit selling a house in the UK which is not their main home after April 6, 2020 has 30 days after the completion date to post the details and pay any tax due online.

To do so, landlords must create a UK property CGT account with HMRC. Taxpayers who already have a government gateway ID can log in. If you do not have a gateway ID, click ‘create sign in details’, enter an email address and wait for a confirmation code to arrive. This should take a few minutes. Enter the code and a government gateway ID is issued.

To report the property disposal online, landlords need to know:

Property address and postcode
Date from when you owned the property
Date you exchanged contracts when you were selling or disposing of the property
Date you completed the sale or disposal
Value of the property at the date your ownership started
Market value of the property when the sale or disposal was completed
Costs of buying, selling or making improvements to the property
Details of any tax reliefs, allowances or exemptions you’re entitled to claim
Property type ie residential property

“Some elements of the service won’t be fully implemented until early May. Until then, you won’t be able to amend returns or send additional ones for the same person and if someone is acting as a capacitor for someone else the service won’t open for them until May,” said an HMRC spokesman.
“If this applies, you’ll get a service message that explains the alternative arrangements we have put in place. We expect that this will only affect a small number of people.”