Please be aware – the following changes come into force on 6th April 2020 and could affect you if selling an investment property after this date;
- Taxable gains from sales after the 5th April must be reported using a separate Return, within 30 days of completion to avoid late filing penalties. This is in addition to reporting on a Self-Assessment Tax Return.
- Any Capital Gains Tax liability will become due for payment within 30 days from completion (as opposed to any property chargeable gains incurred before 6th April 2020, where the liability is not due until 31st January 2021).
- In addition, if you have used the rental property as your main residence, then relief changes and restrictions may also result in you paying more tax on those sales.
If you think any of the above may apply to you then please speak to our team as soon as possible!
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