Real Time Capital Gains Tax Service

The Real Time Capital Gains Tax Service is one of the two ways through which you can pay your Capital Gains Tax (CGT) bill.

Basically, if you sell an asset (property, shares, art, cryptocurrencies, etc.) for a profit, you have two options:

  • You either file a Self Assessment tax return – by January 31st of the following tax year
  • You use HMRC’s Real Time Capital Gains Tax Service – and pay the tax bill within 30 days

What you need to know about the Real Time Capital Gains Tax Service

Starting from April 2020, all UK tax residents who sell property for a profit (except, of course, your home) have to use only the Real Time Capital Gains Tax Service.

If you use the real time service:

  • you’ll get a payment reference number instead of a UTR
  • you won’t have to file a Self Assessment tax return every year – unless your income changes significantly during the year (there are different CGT rates if your income is under or over £50,270), or if you have another reason to file a tax return (for example, you earned rental income)

You need to pay your CGT bill within 30 days

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