From 6th April 2020, if you sell your non-main residence property you must report and pay any Capital Gains Tax due, within 30 days of selling the property. This is a new rule applying to the sale of residential properties in the UK where Capital Gains Tax is payable.
If you do not report to HMRC within the necessary time period you may have to pay interest and a penalty.
We suggest that you speak with your accountant if you think that the tax may apply to you. We’ll be happy to help with recommendations of accountants – just ask!
If you need any lifetime tax planning, including CGT planning, get in touch with our friendly Life Planning team on 01904 624903 who will be able to help.