Wednesday 9 November 2022

HMRC Miscalculating CGT on Non Residents' Property Sales


Where a taxable gain arises on a UK residential property disposal the taxpayer must report this gain through the UK property account service and pay the tax due within 60 days of the completion date. It is reasonable to assume that the HMRC online system would correctly calculate the gain based on the figures reported.

For UK residents the UK property account does appear to calculate the gain correctly based on the figures supplied.

However, where the taxpayer is not a UK resident, HMRC has confirmed on the Agents Forum that the service does not calculate the gain correctly, and the system may even tell the taxpayer there is nothing to pay.

Spiffing, another HMRC IT design fail!

Tax does have to be taxing.

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  1. HMRC has managed to shave 47 seconds off the average call waiting time.

    This must merit a gong of some description.

  2. The article raises some very valid questions on the direction HMRC is taking. With The Treasury bleating about finding 60 Billion, the finger wagging has started.