Property owners selling are reminded from 6 April 2020, if a UK resident sells a residential property in this country they will now only have 30 days to tell HMRC and pay any money owed. It means for some it can be done without having to register for Self Assessment.
There are also changes for non-UK residents selling both residential and non-residential property in this country. Non-UK residents will still be required to tell HMRC within 30 days whether there is tax to pay or not and will no longer to be able to defer payment via their Self Assessment return.
HMRC will launch a new online service to make it easier to report and pay any Capital Gains Tax. Owners may need to make a Capital Gains Tax report and make a payment when, for example, they sell or otherwise dispose of:
- A property that they’ve not used as your main home
- A holiday home
- A property which they let out for people to live in
- A property that they’ve inherited and have not used as their main hom