Selling a property - New Capital Gains Tax Rules Apply
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.
The new rules are likely to affect UK taxpayers who dispose of a:
- rental property
- furnished holiday property
- second home
- their only (or main) home if they have not lived there throughout their entire period of ownership
Trustees and Personal Representatives disposing of UK residential property will also be affected.
HMRC will impose penalties for late reporting and payment; please get in touch as soon as possible before completion, to discuss your position.
Call our Private Client team at CKLG Accountants in Cambridge on 01223 810100 for friendly help and tax advice.