Wednesday, August 12, 2020

Capital Gains on Residential Property

Sales of residential property must now be reported to HMRC, and any tax paid, within 30 days of completion of the contract. No return is required where CGT is not chargeable, for example where the property is exempt as a main residence or where the gain is less than the annual exemption. The return is made online through a special portal and penalties for late reporting started in August. Please get in touch if you have made, or are about to make, any disposals which could fall foul of these new regulations.