There’s a significant change ahead for all residential property owners with Capital Gains Tax (CGT) to pay.
From April 2020 a new piece of tax legislation comes into force. It might apply to the sale of any second homes and investment properties which you own.
Change Ahead for Residential Property Owners
The new rule applies to all residents disposing of a property which creates a CGT liability.
You MUST report the sale to HMRC AND pay the tax due WITHIN 30 DAYS of the sale.
As this is new legislation, failure to comply will make you subject to fines, as with any other form of tax non-compliance.
What do you need to do?
If you’re already a client of Jones Harris you should keep us informed of any possible sales of residential property which you own.
We can make calculations in advance to determine the Tax position and how much your tax liability will be.
Then get in touch as soon as the sale is complete in order for Jones Harris to submit the required report to HMRC within the 30 day time limit.
If you don’t already have an accountant acting for you, you’re very welcome to get in touch for a no-obligation chat.
Burying your head in the sand (or the new carpet) isn’t an option.
Get the latest updates
Make sure that you’re following our website and sign up for the Jones Harris enewsletter here