Taxes to consider when moving home
It goes without saying that the Stamp Duty Land Tax holiday announced in July 2020 has certainly fuelled the UK property market for homeowners and property investors alike.
Be mindful that if you are disposing of a property that has not always been your home, an investment property or a second home, the capital gain arising will need to be reported and Capital Gains Tax payable to HMRC within 30 days of completion.
That’s not much time to dig out the original contract note confirming the total costs of purchase, monies spent on enhancing the property since and, if you’ve lived in the property as your home, working out the amount of Private Residence Relief you may be entitled to.
Our property taxes information sheet makes for an interesting read, please do call us if we can help you manage your property taxes.