Capital Gains Tax on homes – 30 days to pay

June 30th, 2020  |  Published in Uncategorized

If you sell a house you aren’t now living in, such as a home you are letting, and you make a profit, there is potentially capital gains tax to pay. New rules apply from 6 April 2020 – you now have 30 days to report the gain and pay the tax. In the past you just waited until that year’s self assessment return went in.

Apparently the new procedure is a bit of a nightmare – you have to set up or use your personal Government Gateway account (if you claimed SEISS you will have already had to do this), get a claim number, then authorise me to make the report. This could take the whole 30 days, so if you sell a property you need to get on with it!

Considering that the idea was to streamline the payment and get it in quickly, why they have to make it so difficult beats me.

You can do it yourself, in theory, and save time, follow this link for more details.

https://www.tax.service.gov.uk/capital-gains-tax-uk-property/start/report-pay-capital-gains-tax-uk-property?

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