Capital gains tax returns for property

Why choose Lows for your CGT returns?

• Knowledge: Capital Gains Tax (CGT) regulations for residential property can be complex, with specific rules and exemptions. Our team is experienced in handling these regulations, aiming to prepare your return with care and accuracy.
• Liability awareness: CGT can significantly affect your financial position. We assist in identifying potential reliefs, deductions, and allowances to help reduce your tax liabilities where possible.
• Focus on deadlines: UK CGT returns have strict filing and payment deadlines. We understand the importance of compliance and strive to support you in meeting the 60-day timeframe.
• Attention to detail: Mistakes in CGT returns can result in penalties and added stress. We carefully prepare and review your return to help ensure accuracy and completeness.
• Compliance: Our professionals stay informed on current UK regulations to help minimise the risk of penalties by ensuring that your CGT return adheres to legal requirements.

When do you need to file a CGT return for residential property

You might need to file a CGT return for residential property in the following scenarios:

• Selling a second property, rental property, or investment property
• Gifting or transferring a property to someone
• If the property you sold or transferred was not your main residence for the entire ownership period

60-Day filing and payment deadlines

For residential property disposals, a CGT return must be filed with HM Revenue and Customs (HMRC) within 60 days from the completion date. Additionally, any CGT due must be paid within the same 60-day period. Failure to meet these deadlines can result in penalties and interest charges.

Choose Lows for CGT returns with confidence

Lows offers guidance through the complexities of CGT returns for residential property in the UK. By working with us, you’re choosing a team that brings a wealth of experience and a detail-oriented approach, aiming to ensure accuracy and compliance within the required timeframe. Contact us today to discuss your needs.