If you own a holiday let, second home or a buy to let property and are thinking of selling you will have just 60 days post transaction to complete and file a Capital Gains Tax (CGT) tax return and to pay the tax due.
The old rules allowed you to report the transaction on your annual Self Assessment tax return, thereby giving you up to 22 months from the disposal of a property to report and pay the tax due, but no longer!
There are a few exceptions to the new rules (the main one being where no gain or loss accrues – eg on transfer between spouses), but if they don’t apply you will be fined for late filing or payment, so you should try and make sure the correct paperwork is to hand before you complete the sale.
For further advice, either on the above or on other tax matters, please contact David Sutton by telephoning on 015394 32540, or email [email protected].