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Where Taxpayers and Advisers Meet

CGT 30 day form

Joined:Wed Aug 06, 2008 4:04 pm
CGT 30 day form

Postby hardy » Wed Mar 11, 2020 7:45 pm

Is there a specific form that agents can complete online for a client who has to pay the CGT with in 30 days after the 6th April. I can't find anything on the HMRC website. In the past I used to get the client registered for self assessment but there will not be the time to do this and get authorised to act now before the tax is due to get paid.

Joined:Mon Nov 02, 2009 5:25 pm

Re: CGT 30 day form

Postby etf » Wed Mar 11, 2020 10:09 pm

HMRC advice dated 25 Feb 2020 so potentially still work in progress.

New online service
HMRC will launch a new online service to allow you to report and pay any Capital Gains Tax owed.

Joined:Mon Nov 02, 2009 5:25 pm

Re: CGT 30 day form

Postby etf » Wed Mar 18, 2020 4:04 pm

I've just read an article in February's edition of Tax Adviser that suggests HMRC are testing the new UK land return CGT reporting system during February and March 2020 (yikes!). Hopefully the testing will not be held up by the Corona situation otherwise things could get chaotic in April/May.

The following is now detailed in the existing guidance:

New online service and updated guidance
HMRC will launch a new online service to allow you to report and pay any Capital Gains Tax owed.

Guidance will be fully updated in April 2020, which will include information on how to access and use the online service.

It will be interesting to see whether HMRC offers an initial late filing penalty amnesty and if they do, whether they tell anyone that it exists.

Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: CGT 30 day form

Postby pawncob » Wed Mar 18, 2020 4:51 pm

Looks like you can register and pay at the same time.
With a pinch of salt take what I say, but don't exceed your RDA

Joined:Mon Nov 02, 2009 5:25 pm

Re: CGT 30 day form

Postby etf » Mon Apr 27, 2020 3:59 pm

To answer my earlier question (my bold):

More time for 30-day reporting of CGT
9 April: HMRC has confirmed it will not charge late filing penalties for reports of capital gains tax (CGT) on disposals of UK residential property by UK residents made by 31 July 2020.

The announcement came in a question and answer factsheet shared with ICAEW’s Tax Faculty and which can be downloaded here. The information has not yet been published on, but has been confirmed by HMRC.

HMRC stated:

“To help those selling properties familiarise themselves with the change in the rules and a new on-line process, HMRC is allowing a period of time to adjust and will not issue late filing penalties for CGT payment on account returns received late up to and including 31 July 2020.

“For UK residents, this means transactions completed between 6 April and 30 June 2020 and reported up to 31 July 2020.

Transactions completed from 1 July 2020 onwards will receive a late filing penalty if they are not reported within 30 calendar days.

“Interest will accrue if the tax remains unpaid after 30 days.”

ICAEW Tax Faculty notes that although more time has been allowed and late filing penalties will not be charged, interest will still run on the CGT due, so filing and paying as soon as possible is still recommended. The easement appears to apply to UK residents only; the reporting requirement is not new for non-residents and late filing penalties will apply.

Joined:Wed Aug 06, 2008 3:25 pm

Re: CGT 30 day form

Postby maths » Tue Apr 28, 2020 3:37 pm

I have always found it seriously objectionable when news from HMRC is available on various organisational websites eg ICAEW, CIOT etc yet does not appear on HMRC's website.

This I believe is the case with the change to filing returns and paying CGT within 30 days for UK residents. I came across the Q & A's published by ICAEW etc but still I cannot find it on HMRC's website some three weeks later.

This approach has been around for decades where special interest groups receive info' from HMRC at "secret" meetings and HMRC leave the organisation to circulate info' to their members. This is, and always has been, in my option extremely unsatisfactory.

The new rules re CGT returns and payment have caused confusion if postings on a number of tax/trust websites are to be believed and, despite the amnesty re penalties until 31 July, I still foresee debacles ahead.

Time for another rant ETF????

Joined:Mon Nov 02, 2009 5:25 pm

Re: CGT 30 day form

Postby etf » Tue Apr 28, 2020 4:25 pm

Thanks Maths. Yes, the same thing has happened in the past with HMRC's minutes for expat tax & NIC meetings. Attendees get the inside track on the day and X months later (where X = many,) the minutes finally get published for the remaining riff raff.

As a current example, the last published minutes available are for October 2019 (meetings usually held quarterly).

I hope my posts are balanced...the one above flags a positive i.e. HMRC has at least partially publicised the existence of a penalty amnesty (for UK residents) = a gold...ish star in old money.

Joined:Wed Aug 06, 2008 3:25 pm

Re: CGT 30 day form

Postby maths » Tue Apr 28, 2020 5:46 pm

Never managed a gold star......... always a bronze at best.

A sole tax trader in the Orkney's should get the same information at the same time as others. "Secret" meetings with special interest groups are acceptable but HMC should then release the outcomes and not expect the special interest group itself to circulate to whoever it feels appropriate.

If HMRC had got their act together re cgt and the 30 day period in a timely fashion no amnesty through to 31 July would have been necessary.

As an aside I note that HS292 which indicates it's current as at 6.4.20 makes no reference to the need for a return and cgt payment within 30 days (from memory).

I also suspect that confusion may arise where under the new rules a cgt return/payment is due in principle 30 days after "completion" but applies where "exchange" occurs only on or after 6.4.20. Pre 6.4.20 the "old" rules apply. It may also be worth noting that "completion" of a disposal may still occur on the same day ie at the time of disposal thus bringing forward the 30 day period [FA 2019 Sch 2 para 17(2)(a)].

I miss your weekly rants........ shame they're stopped !!!!

Joined:Wed Feb 08, 2017 2:33 pm

Re: CGT 30 day form

Postby AnthonyR » Tue Apr 28, 2020 7:36 pm

Having just logged in to file my first 30 day CGT return for an elderly client who disposed of a rental property on 12th April I've discovered that I can't actually report it without her setting up her own "Capital Gains Tax on UK property account" under her own government gateway account. Which she doesn't have, won't understand and doesn't have a computer to set up in the first place. The reason she has an agent is that she doesn't want to have to deal with HMRC herself...
Anthony Rogers LLB CTA TEP
Fusion Partners LLP

Joined:Wed Aug 06, 2008 3:25 pm

Re: CGT 30 day form

Postby maths » Tue Apr 28, 2020 9:10 pm

It's a joke Anthony.

A client sent me this extract:

How to ask for authorisation

Ask your client to:

create a Government Gateway user ID if they do not have one
use their Government Gateway user ID and password to sign in and create a Capital Gains Tax on UK property account
give you their account number
give you their UK postcode or country of residence - these details must match their Capital Gains Tax on UK property account details
You’ll need an agent services account – this is different from your HMRC online services for agents account.

Sign in to your agent services account then select ‘ask a client to authorise you’.

Enter your client’s details. You’ll then get a link to share with your client. Send your client an email asking them to go to the link to authorise you. The link will expire 14 days after it was created.

Tell your client they’ll need the Government Gateway user ID and password they use for their personal tax affairs (if they’re an individual) or the trust name (if they’re a trust). If they do not have a user ID, they can create one when they go to your link.

When your client selects the link in the email you sent them, you’ll then be able to manage their Capital Gains Tax on UK property account and returns.

You’ll get an email after your client accepts or rejects your request, or if the link has expired after 14 days.

Track your authorisation requests from your agent services account.

You’ll need to ask for authorisation, even if your client has already authorised you to manage their Self Assessment or other tax matters.

Online services may be slow during busy times.

Easy !!!!!!!

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