Starting from the 6th April 2020 the government has introduced a 30 day reporting and payment regime for Capital Gains tax.
What does this mean for me?
If you are disposing (selling) of a residential property, the normal capital gains tax rules apply. However if there is a chargeable gain – this has not be notified to HM Revenue & Customs and capital gains tax paid and calculated within 30 days of exchange of contracts (not completion).
What should I do?
We recommend all clients letting us know early of their intention to sell – so that we can help them get together all of the selling information and paperwork in advanced. Then as soon as you have exchanged contracts – let us know immediately so that we can help ensure the relevant new “Real time capital gains tax return” is completed.