13th March 2019
If you dispose of a second home or rental property after 5 April 2020 you may be caught by new legislation requiring you to report the transaction on a “residential property return” and to pay any resulting Capital Gains Tax within 30 days of the transaction.
You should contact us when planning to dispose of a property which may be caught so a provisional calculation can be carried out to estimate the gain and tax liability and to ensure that all the relevant information is available to enable the completion of the return within the 30 day deadline.