Date posted: 7th Dec 2020
As we have mentioned several times, where an individual sells a residential property and the sale is subject to a capital gains tax charge (e.g. sale of buy to let property or second home), there will be a separate capital gains tax return to file with HMRC.
This return must be filed within 30 days of the sale of the property and requires the taxpayer to set up an online account with HMRC to report the capital gains tax charge. In addition, the capital gains tax must be paid within the 30 day period too. HMRC will charge penalties for late filed returns and late payments.
If you need assistance with the calculation of the capital gains tax charge or filing the return, please contact our tax team here.
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