The HMRC have recently identified that over 50% of sellers liable for capital gains tax, do not pay because they do not know about it.

If Capital Gains Tax is not paid within 60 days of completion, there is a penalty payable. 

When questioned the sellers advise that they were not  aware of it during the home moving process.

The Conveyancing Association website now provides a link to the HMRC information so you can check and see if this is applicable

So If you dispose of UK residential property which is not your primary residence, you may have a capital gains tax liability.

 See the links below for further information on how to report and pay on property disposals.

 

 ​Capital Gains Tax: what you pay it on, rates and allowances

Report and pay your Capital Gains Tax: If you sold a property in the UK on or after 6 April 2020

How do I report and pay Capital Gains Tax on property disposals? – YouTube “

 

We at Sam Hawking Property Lawyers can refer you to an accountant that can assist you in this matter, please feel free give us a call  on 01639 884884.