Published: 21/07/2021 By Hannah McCormack
Have you sold a property that is not your home?
Are you aware of the 30-day rule on reporting profit?
Capital Gains Tax Rule Change
Since 6th April 2020 the rules have changed; HMRC now require anyone who sells a property that is not their home, and on which they subsequently make a profit on (a gain), must report the gain and pay any resulting capital gains tax (if it is due) within 30 days of completion of the sale.
Individuals can no longer wait until the following tax year to report any gains on the sale of a second UK property, and failure to report to HMRC within 30 days of completion of the sale will result in automatic late notification penalties.
Calculations for each property Capital Gain must be reported to HMRC via HMRC’s Property Portal, for more info click here.
We realise these changes and reporting obligations will be an added pressure to many. Therefore, if you would like assistance with how to declare and pay your capital gains tax on your UK property, or should you know someone who may require help, please get in touch.
Call us on 020 8661 7878 or email firstname.lastname@example.org