Thinking of selling a residential property?

If you are thinking of selling a residential property then you need to know that a sale by a UK resident which gives rise to a gain that is liable to capital gains tax must be reported to HMRC within 30 days of completion.  Any tax due on the sale also needs paying within 30 days of completion. 

The reporting requirements do not apply if there is no capital gains tax due, for example where the gain is covered by the annual exemption (£12,300 for 2020-21), by brought forward losses or by reliefs such as Private Residence Relief. 

Capital gains tax calculations can be complicated so please contact us as early as possible in the sale process and we can assist you in calculating the gain and making the necessary disclosure to HMRC.  If the sale is not reported within 30 days then HMRC will charge penalties as well as charging interest on any tax that is paid late.

​If you are thinking of selling a residential property then contact us to discuss the implications.