CGT payment window update

Hillier Hopkins LLP

Chartered Accountants & Tax Advisers

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HMRC have previously announced that they will start to take a flexible approach on tax payments that are affected by the COVID-19 crisis. For example, anyone with a second payment on account becoming due by 31 July 2020 can now delay payment until 31 January 2021.

There may also be flexibility in the 30 day payment deadline for CGT liabilities arising on the disposal of residential property post 6 April 2020, where payment of the tax is difficult for example you have not received any money from the sale as you have gifted rather than sold the property. Similarly you may have sold the property to liquidise funds to invest in your business to keep it afloat during the current crisis.

You will still need to file the return on time but should contact HMRC at https://www.gov.uk/government/organisations/hm-revenue-customs/contact/coronavirus-covid-19-helpline or on 0800 024 1222.

Please note this update is a follow up from our previous article regarding CGT payment regime which can be found here.

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Do you need extra information?
Debbie Wilson

If you are thinking of selling an asset (personal company shares, holiday home, land etc), Debbie can help you to achieve your aims in the most tax efficient way.

Contact Debbie at debbie.wilson@hhllp.co.uk or on 020 7004 7139