In the UK, if you sell certain assets (like property or shares) and make a profit (capital gain), you might need to pay Capital Gains Tax (CGT).
For some types of property, you must report and pay it separately and sooner—this is called a Real-Time Capital Gains Tax Return.
When do you need to file a Real-Time CGT Return?
You must file a real-time CGT return if:
- You sell UK residential property that is not your main home (e.g., a rental property, holiday home, or second home).
- You make a taxable capital gain (i.e., the profit is above your tax-free allowance, called the Annual Exempt Amount).
- You owe CGT on the sale (e.g., because it isn’t covered by reliefs or allowances).
How soon must you report and pay?
- 60 days from the sale completion date
- You must calculate the CGT due and pay it at the same time as submitting the return.
What if you’re already filing a Self Assessment return?
- You still need to file a real-time CGT return if the property sale meets the criteria above.
- Later, you also report it in your Self Assessment to confirm the final tax amount (any overpayment or underpayment is adjusted then).
What types of property sales don’t need a real-time CGT return?
- If the property is your main home and qualifies for Private Residence Relief (so no tax is due).
- If your total capital gains in the tax year are below the Annual Exempt Amount (£6,000 for 2023/24).
- If you sell non-property assets like shares (these are reported in the normal Self Assessment).
What happens if you miss the deadline?
- Late filing penalties apply (starting from £100).
- Interest is charged on late tax payments.