Have you recently sold - or are you in the process of selling - UK land or property for more than you paid for it?  Did your conveyancer warn you about the possible requirement to file a UK Property Disposal Return with HMRC?

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Since April 2020, UK residents selling UK residential property at a gain, where that property has not been their only or main residence throughout their ownership, or where the gain is not wholly covered by the annual exemption (£6,000 from 6 April 2023 and reducing to £3,000 from 6 April 2024), there is likely to be capital gains tax to pay.

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If this is the case, you are required to report the gain to HMRC via a UK Property Disposal Return within 60 days of the property sale completing, and where there is capital gains tax to pay, it must be paid within the same timeframe. Those required to report under this system are individuals, trustees and executors.

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For non-UK residents, the scope of this reporting requirement is wider.  They must report the following disposals on a UK Property Disposal Return within 60 days of the sale completing, regardless of whether there is any capital gains tax to pay:

• UK residential property or land

• non-residential UK property or land

• mixed use property or land in the UK

• rights to assets that derive at least 75% of their value from UK land (known as "indirect" disposals)

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HMRC will charge penalties where the UK Property Disposal Return is filed late so it is important that it is dealt with promptly.

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If you think you may need to file a UK Property Disposal Return, or you know you do and you need help with preparing and filing it, we will be happy to help.  We can usually provide a fixed fee quote for the work, so you know upfront what our costs will be.