With the introduction of the new rules effective for disposals after 6 April 2015 you will need to report the disposal on a NRCGT return (Non-residents Capital Gains Tax Return) and pay any CGT due if any within 30 days of the day after the date the property has been conveyed.
If you are already within the UK’s self-assessment (SA) system for income tax and CGT, you will need to report the disposal on a NRCGT return within 30 days with payment being made as part of your normal end of year tax payment (i.e. after completing your self assessment return) or you will also have the option to pay at the time of reporting.
- All disposals must be reported to HMRC irrespective of whether there is a tax liability and regardless if the property qualifies for Primary Residence Relief or Letting Relief.
- The property can be valued retrospectively (i.e. by the estate agent upon sale) or by a professional valuer. A professional valuation will be the least challenged by HMRC.
- Any tax suffered in the UK would be available to be offset on your Australian return up to the amount of Australian tax due.
HMRC have imposed a strict penalty regime for late submissions so we urge you to contact us today if you have a property in the UK that you are in the process of selling or have already sold.