New Capital Gains Tax Rules on the sale of property
Posted on 25th September 2020 at 10:31
If you sell a residential property that is not your home, the capital gains tax rules changed, with effect from April 2020.
You will now need to report the gain and pay the tax to HMRC within 30 days of the sale. This is a considerable change to the previous rules, where the gain needed to be included on the tax return, due on 31 January after the end of the tax year in which the property was sold. In some cases you would have had 22 months to pay the tax.
If you find yourself in this position please let us know before completion of the sale of the property so that we can make the appropriate arrangements to calculate the tax due and file the return for you.
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