Introducing HMRC’s Real-Time Capital Gains Tax Service.

When reporting capital gains to HMRC, there is now a choice. The traditional way of completing a tax return is still acceptable, however the alternative is to use the capital gains tax (CGT) real time service. This service, introduced in 2017, is accessed by logging in to the relevant individual’s personal tax account.

Once you’ve accessed the service, it is simply a matter of entering information when prompted. It is recommended that capital gains or losses are to hand before logging on. Once all the information has been entered, it is uploaded as a PDF of JPEG file.                                          

The advantage of the new system is the opportunity to report the gains as they happen, and then forget about them. The major downside is that you are required to pay any CGT as you report it. Food for thought.

If you are considering reporting a capital gain using the real time service, we would recommend that you speak to your accountant first.

For further information on this or other capital gains tax issues, please get in touch. Call us on 01524 67111 and a member of our specialist tax team will be only too happy to help.