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Capital gains tax 60-day reporting
What is a capital gain?
If the value of your property has risen since you acquired it, this increase in value on disposal is known as a capital gain.
Calculating the gain on the sale of a property is relatively straightforward:
Proceeds of sale less: costs of acquisition= Capital gain
For gifts or transfers to certain family members, proceeds is replaced with market value at transfer.
Do I need to submit a return?
A return isn’t required for UK residents if the disposal is realised at a loss, transferred to a spouse, covered by any capital losses brought forward or fully covered by private residence relief. Please note there will be significant penalties and charges for failing to comply with the 60-day reporting.