Where this fits
Once you have completed, the position is fixed. The useful conversation happens while the sale is still being arranged.
Sunny Bharj
Independent Financial Adviser
Tony Springer
Independent Financial Adviser
Within 60 days of completing the sale of UK residential property, through a separate return. The deadline runs from completion and not from exchange, and interest and penalties follow a late return.
Since 6 April 2025 residential property is charged at the same rates as everything else: 18% within your remaining basic rate band and 24% above it. The separate, higher residential rate that applied for years has gone.
Because the gain is stacked on top of your income for the year, a large property gain usually falls mostly into the 24% band. Costs of buying, selling and certain improvements come off the gain, and so does your annual exemption if you have not used it.
The 60 days run from completion, not from exchange. The two can be weeks apart.
There is no payment to make, and you should still claim the loss so it is available against future gains. The claim deadline is four years from the end of the tax year of the disposal.
Where you complete a self assessment return you include the disposal there as well, and the tax already paid is credited.
No, from completion. It is a common and expensive misunderstanding, because exchange and completion can be weeks apart.
Private residence relief covers the period you lived there, plus a final period of ownership. The chargeable part is apportioned, which usually needs working out carefully.
Once you have completed, the position is fixed. The useful conversation happens while the sale is still being arranged.
Independent Financial Adviser
Independent Financial Adviser
A first conversation of about twenty minutes, at no cost to you. Tell us what is on your mind: a pension you have lost track of, a fixed rate ending, a will you keep meaning to write.