Michael Perrin would like to bring to your attention a recent announcement by HM Revenue and Customs (HMRC) who have launched a new online service that will allow taxpayers to report and pay Capital Gains Tax on the disposal of property which is not their principal residence.
The service is being launched to coincide with impending changes to the Capital Gains Tax rules. From 6 April 2020, if you are a UK resident and sell a residential property in the UK you will have 30 days to inform HMRC and pay any Capital Gains Tax owed.
Failing to tell HMRC about any Capital Gains Tax within 30 days of completion could result in a penalty, as well as having to pay interest on what is owed.
The new online service will replace the current reporting service. It will be available on the GOV.UK website from 6 April.
Further information can be found in this article on the Gov.uk website
If you need advice on any aspect of residential property law, contact Michael for advice on 01254 88 44 22 or complete our Contact Us form and one of our property experts will be in touch.