Capital Gains Tax (CGT) changes

From 6 April 2020, where residential property that is not your principal private residence is disposed of and all or part of the disposal is subject to Capital Gains Tax (CGT), a return and the tax due must be submitted to HM Revenue and Customs within 30 days of the disposal. This is much sooner than simply reporting it via the self-assessment return after the end of the tax year. The disposal and any tax paid will then be included on the self-assessment return and any balance owed/owing will be calculated.

Any clients who are disposing of property of this nature should speak to us before the sale has taken place. You may not be able to rely on your conveyancer to carry out this process for you. We are happy to calculate the position for both new and existing clients.

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