Since 6 April 2020, it has been necessary to report a gain arising to HMRC and pay the estimated tax due within 30 days of completion. The Autumn Budget changed this from 27 October 2021, and there is now a 60-day time limit.
Property sales covered by this rule:
- a property that you have not used as your main home;
- a holiday home;
- a property which you let out for people to live in;
- a property that you’ve inherited and have not used as your main home.
We do still see late notifications and unfortunately, this leads to penalties and interest. If you sell a property, please let us know as soon as it completes!