Important new tax rules from 6 April 2020 for house salesPosted 2020 by Chris Davies
For disposals of residential property after 6 April 2020, details of the sale any capital gains tax due on the sale must be paid to HMRC within 30 days of completion.
This is a huge change to the pre 6 April 2020 rules for UK tax residents, where any tax due would previously be paid between 10 and 22 months after the sale.
Thankfully no returns are due for no gain/loss disposals or where no tax is due, but in our experience many taxpayers are unaware whether tax is due or not. This is particularly evident where during ownership there have been periods of occupation as a principal private residence and also periods of letting. Periods of separation by divorcing couples can also cause confsion. If the house has been held for many years or inherited then the records may be difficult to locate.
For those making a disposal of residential property after 6 April 2020 it is important to get good advice as interest and penalties may apply to those that get it wrong, no matter how innocent the mistake.
For an initial free and no obligation chat please phone Josh Pearce 01635 555666 or email firstname.lastname@example.org