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.
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).
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.