Residential Property Sales

HMRC have recently changed the reporting requirements for individuals who sell residential property on which Capital Gains Tax is due. Where a return is due, the return is due to be submitted, and the tax paid within 60 days of completion. The disposal will also be reportable on the annual tax return but interest and penalties may apply if the transaction is not reported within 60 days.

We work with individuals to ensure that they understand the potential Capital Gains Tax liabilities of selling a property and can suggest planning solutions to help reduce the tax due. Matters are complex where an individual has not lived in the property for the entire period of ownership, has incurred substantial costs in improving a property or has owned multiple homes.

Following a sale, we are able to prepare and submit Capital Gains Tax returns, as required, within these time limits.

Different rules apply for those resident outside the UK and we can support with those reporting requirements.