HMRC didn’t publicise this change widely enough and, with the country in the middle of the Covid-19 crisis, the rule change on 6th April 2020 didn’t get much attention especially as no one could sell a property at that point anyway!
- The headline news is that CGT must be reported and paid within 60 days of completion (30 days of the sale was before 27th October 2021)
- The rules apply to all UK residential property sales made from 6 April 2020 by individuals and trustees.
- Even if you normally file a self assessment tax return, the CGT must be reported separately.
- The rules only apply to sales of rental properties and second homes, which are not exempt from CGT by virtue of Principle Private Residence Relief.
What do you need to do?
If you have sold a rental property or second home since 6th April 2020 and haven’t already reported the disposal to HMRC then contact us straight away.
HMRC are now charging late filing penalties and by May 2021 had netted £1.3m from them! So the sooner we get your CGT return submitted the better.
For a limited time, we can offer you a discounted fixed fee of £300 plus VAT for calculating the CGT due and dealing with the CGT return. If you owned the property jointly then we can offer a reduced fee of £495 plus VAT for 2 returns. This offer will end on 31st March 2022.