From today, 6 April 2020, anybody who sells a residential property in the UK, they will have 30 days to inform and HMRC of the transaction and to pay any money owed. For some this will mean they do not have to register for self-assessment.
Non-UK residents selling both residential and non-residential properties will have 30 days to tell HMRC whether there is any tax to pay or not and you will not be able to defer via self-assessment.
The type of transactions that need to be reported and capital gains tax paid are as follows:
· A property that has not been used as a main home
· A holiday home
· A property let out for people to live in
· A property inherited and not used as a main home.
If taxpayers do not tell HMRC within 30 days of completion they may receive a penalty and pay interest on any money owed.
HMRC will launch a new online service enabling the public to report qualifying property sales and to pay any Capital Gains Tax due.
Should you have any queries please call us at Churchill Tax Advisers, where we will provide answers.