Important notice for those intending to sell residential property after 6 April 2020

Where an individual sells or gifts a UK residential property that completes after 6 April 2020 and that transfer results in a taxable gain, a new requirement is being introduced requiring that within 30 days of completion the sale must be reported to HM Revenue and Customs and a payment on account made for the estimated capital gains tax due.

Generally this shouldn’t apply to those individuals selling a property that has been their main home for the whole period of ownership but will apply to second homes, rental properties etc and to main homes that have been unoccupied or rented out for an extended period during ownership.

If you think this may apply to you please contact us for more information.

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