The combination of the cost of living crisis and relatively high property values is leading some people to sell off residential property. Where this is a second or holiday home, there is likely to be a Capital Gains Tax liability.
Under recently revised rules, a return is required and tax paid to HMRC within 60 days of the completion date of the sale.
Reporting is online through an HMRC Property Account. The key problem with new UK Property Account, which is needed to report and pay capital gains tax (CGT) on residential properties, is that most taxpayers are blissfully unaware that it exists and of the tight deadlines which apply.
Also, may lawyers will not complete the returns.
If you have sold or are in the process of selling a residential property and need this reported, let us know.