Share
With house sales soaring following the cut in Stamp Duty Land Tax (SDLT), more and more people are falling into a potential tax trap.
Not understanding the tax requirements on the profits made when selling a house could leave you open to receiving a penalty from HMRC.
Owners of UK residential properties are required to report and pay any Capital Gains Tax (CGT) on the sale of a residential property within 30 days of completion and penalties are being strictly applied by HMRC for non-compliance.
Sue Jeffrey, Tax Partner at David Allen said: “More and more often, I am speaking to clients who are unaware of the requirement to pay Capital Gains Tax but especially the new 30-day deadline for making the payment which was introduced on 6 April 2020”.
“It can be a complex area to understand but there are ways to ensure that you stay compliant. It is also often possible to plan for a future disposal and minimise the amount of Capital Gains Tax you may have to pay.
“The last thing you want is to be faced with a penalty charge further down the line just because you were not aware of your requirement to report and pay tax on the profits made.”
With the SDLT rules changing again on 30 June 2021 many purchasers will be pushing to complete before then. This will undoubtedly give rise to more sellers wondering about their tax reporting requirements.
If you are unsure whether or not CGT applies to you, or you need some advice to ensure you stay compliant, please get in touch with a member of our tax team.
15 June 2022
15 June 2022
14 June 2022
14 June 2022
13 June 2022
10 June 2022
10 June 2022
27 May 2022
25 May 2022
25 May 2022
25 May 2022
24 May 2022
20 May 2022
19 May 2022
4 May 2022
4 May 2022
4 May 2022
28 April 2022
27 April 2022
27 April 2022
27 April 2022
20 April 2022
19 April 2022
13 April 2022
12 April 2022
11 April 2022
8 April 2022
7 April 2022
5 April 2022
5 April 2022
5 April 2022
1 April 2022
1 April 2022
30 March 2022
25 March 2022
24 March 2022
23 March 2022
23 March 2022
23 March 2022
23 March 2022
23 March 2022
23 March 2022
23 March 2022
18 March 2022
17 March 2022
15 March 2022
15 March 2022
9 March 2022
9 March 2022
3 March 2022
1 March 2022
1 March 2022
1 March 2022
1 March 2022
24 February 2022
24 February 2022
23 February 2022
18 February 2022
14 February 2022
10 February 2022
10 February 2022
10 February 2022
4 February 2022
4 February 2022
4 February 2022
3 February 2022
3 February 2022
28 January 2022
19 January 2022
17 January 2022
14 January 2022
14 January 2022
10 January 2022
4 January 2022
4 January 2022
4 January 2022
15 December 2021
8 December 2021
2 December 2021
25 November 2021
25 November 2021
19 November 2021
17 November 2021
16 November 2021
15 November 2021
15 November 2021
15 November 2021
15 November 2021
15 November 2021
9 November 2021
4 November 2021
2 November 2021
22 October 2021
20 October 2021
14 October 2021
8 October 2021
7 October 2021
5 October 2021
1 October 2021
1 October 2021
24 September 2021
24 September 2021
23 September 2021
16 September 2021
16 September 2021
16 September 2021
10 September 2021
24 August 2021
10 August 2021
6 August 2021
4 August 2021
2 August 2021
29 July 2021
20 July 2021
16 July 2021
15 July 2021
15 July 2021
12 July 2021
8 July 2021
28 June 2021
25 June 2021
14 June 2021
13 June 2021
1 June 2021
28 May 2021
17 May 2021
4 May 2021
30 April 2021
28 April 2021
6 April 2021
24 March 2021
17 March 2021
10 March 2021
2 March 2021
24 February 2021
19 February 2021
10 February 2021
27 January 2021
17 December 2020
10 December 2020
7 December 2020
25 November 2020
19 November 2020
18 November 2020
11 November 2020
9 November 2020
3 November 2020
29 October 2020
26 October 2020
23 October 2020
22 October 2020
9 October 2020
30 September 2020
29 September 2020
24 September 2020
8 September 2020
8 September 2020
28 August 2020
25 August 2020
24 August 2020
19 August 2020
17 August 2020
13 August 2020
11 August 2020
5 August 2020
5 August 2020
4 August 2020
4 August 2020
21 July 2020
21 July 2020
20 July 2020
14 July 2020
14 July 2020
14 July 2020
8 July 2020
7 July 2020
7 July 2020
1 July 2020
29 June 2020
24 June 2020
21 June 2020
18 June 2020
17 June 2020
17 June 2020
15 June 2020
14 June 2020
13 June 2020
29 May 2020
14 May 2020
17 April 2020
17 April 2020
7 April 2020
6 April 2020
17 March 2020
11 March 2020
4 March 2020
4 March 2020
11 February 2020
14 May 2019
25 March 2019
We want to keep you up to date with relevant news, information, advice and changes which might impact you or your business. To ensure you get the latest updates delivered directly to your inbox, sign up to our e-bulletins below.
Available to download on iOS and Android by visiting the links below.
Unique access code: DavidAllen