• Brian Wright

Attention residential landlords selling let property!

There are a number of points to note regarding the sale of residential property

From 6 April 2020 an individual who sells a property which has been let, and makes a capital gain must

  • report the gain and pay the CGT due to HMRC within 30 calendar days of the completion of the sale. (60 days for completions on or after 27 October 2021)

  • The taxpayer must open up a "CGT on UK property account" with HMRC in order to file the report.

  • Failure to report can result in large penalties and interest.

if a sale could happen in the future we advise

  • opening up the "CGT on UK property account" now

  • keeping accessible records of all costs in acquiring the property

  • recording dates property is let

  • keeping records of property improvements

Contact us on 02083635502 or email so we can help you with the CGT calculation and reporting compliance.

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