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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15946
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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When do I have to pay the tax before or after gain has been

Resolved Question:

When do I have to pay the tax before or after gain has been made
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.
Hi.

Capital Gains Tax is payable on the first 31 January following the end of the tax year in which the gain is made. The UK tax year runs from 6 April 2014 to 5 April 2015 so the tax made on a gain in the 2014/15 tax year has to be paid by 31 January 2016.

I am not aware of any change in the law but you haven't given me any information about the gain you are referring to. The only situations I have seen where somebody is asking for tax to be paid in advance of the release of funds are usually fraudulent.

I hope this helps but let me know if you have any further questions.
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