Capital Gains Tax for Residential Property
Planning to sell? You may be required to report and pay tax on any gain made from the sale.
CGT Services
- Reporting any Capital Gains Tax payable on your behalf – within 60 days of sale completion
- Review of available reliefs and tax planning opportunities
- Clear instructions provided on what and how to pay any tax due
Get in touch to discuss how Zip Accounting can help
If you’re selling a UK residential property, you may be required to report and pay any Capital Gains Tax (CGT) within 60 days of completion.
When calculating the gain, some costs incurred in relation to both the sale and the original purchase can be deducted, such as certain legal fees and stamp duty paid.
It’s important you calculate the gain correctly, and that you file the return and pay any tax owed within the 60 day window. Zip Accounting can take care of this process for you.
What You Need to Know
If you’re disposing of a UK residential property, you may need to report and pay CGT within 60 days of completion, especially in the following situations:
- You never lived in the property
- You only lived in it for part of the ownership period
- It was a holiday home
- It was a rental property
You must report these gains even if you complete an annual Self-Assessment tax return—the 60-day rule is a separate requirement.
If you’ve sold multiple residential properties within a tax year, each disposal must be reported separately, and within its own 60-day window.
What About Reliefs?
There are several CGT reliefs available which may reduce or eliminate your tax liability. These include:
- Private Residence Relief
- Offsetting Other CGT Losses
- Spousal Transfers
- Annual CGT Allowance
Zip Accounting will review your situation to determine whether any of these apply and ensure you don’t pay more tax than necessary.
Overseas Property Sales
If you’re a UK resident and selling overseas residential property, CGT may still apply.
Get in touch for tailored advice.
How Zip Accounting Can Help
- Calculate the gain on your property sale
- Identify any reliefs or exemptions available to reduce tax
- Prepare and submit your 60-day CGT return
- Advise on when and how to pay Capital Gains Tax
- Complete the Capital Gains section of your Self-Assessment Tax Return, where applicable
- Provide support for multiple disposals in a single year
Avoid the hassle, confusion, and possible penalties—Zip Accounting can take care of the entire process for you.
