Jennifer Adams reviews the impact of the introduction of the UK Property Reporting Service (also known as the 'CGT on UK Property Service') and the practical issues that remain.
The introduction of the UK Property Reporting Service has not been all smooth sailing. Any problems arising are arguably because the system was introduced quickly, so that integration with the Government Gateway self-assessment system was not possible. HMRC has benefited as the tax has been collected earlier than the 31 January deadline.
Reporting requirements
As a reminder – a property return must be submitted to HMRC within 60 days of the date of the completion (not date of exchange). The return must be filed digitally by the setting up of a property account separate from the usual self-assessment account.
The property account is therefore a separate standalone
