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With over five decades’ experience serving a diverse range of clients in the South West, we possess an unbeatable depth of knowledge across a wide range of industry sectors.
Our specialist partners and teams can provide expert advice on everything from farming and agriculture, to military tax allowances. We’re here to help you make the most of your planning opportunities so that you can grow with confidence.
New capital gains tax rules were introduced in 2020 for residential property disposals.
Where a UK residents has a capital gains tax (CGT) liability on residential property (or where the tax payer is a non-resident), a special new CGT return must be submitted to HMRC within 30 days of sale completion. The CGT must also be paid by that deadline.
This regime most commonly applies to houses and flats that have previously been let out, but it sometimes also applies to family homes.
As soon as you appoint the estate agent, please let us know. We will be able to guide you on tax aspects and to make arrangements to ensure that the CGT return will be filed in time.