Watch out for an important change in the timing of reporting and paying the related Capital Gains Tax. From 6 April 2020, if you make a taxable capital gain on the sale of UK residential property will have to pay the tax within 30 days of the completion of the sale. This will be done by submitting a Residential Property Return and making a payment on account.
If you exchange contracts on a sale before 6 April 2020, the old rules will apply. The gain will be reported on your 2019/2020 Tax Return and the tax will be due by 31 January 2021.
