Since April 2020, any Capital Gains Tax due on the sale of residential property must be paid within 30 days. We have seen a number of cases recently where vendors have not been made aware of the requirement by their solicitors or agents.
Principal Private Residence relief – Home is where the dog is
Financial gains made on the disposals of residential property will usually trigger liability for a capital gains tax (CGT). The exception to this rule is when you dispose of your main home, thanks to principal private residence relief (PRR).
New 30-day CGT payment window for residential property sales
Next April brings yet more change for residential property owners. From the start of the new tax year, a new 30-day CGT payment window will be introduced. This change will mainly apply to sales of second homes or rental property.
