Selling a rental property, a second home or a property you’ve inherited?
From 6 April 2020, UK taxpayers will need to report a capital gain and settle the Capital Gains Tax due on the sale or gift of a residential property within 30 days of completion to HMRC.
This new reporting requirement applies even if you already complete and file a Tax Return.
HMRC will impose penalties for late reporting and payment.
Trustees and personal representatives disposing of UK property will also be affected, as will UK taxpayers who have not lived in the property as their home, throughout the entire period of ownership.
Call our Private Client team at CKLG Accountants in Cambridge on 01223 810100 for friendly help and tax advice.