Capital Gains Tax Update

As if there hasn’t been enough to keep track of from the government and HMRC over the last few months, they have now introduced changes into the way you declare any Capital Gains, reducing the time frame in which you must report and pay.

Capital gains tax is a tax on the profit (or ‘dispose of’) something (an ‘asset’) that’s increased in value. It’s the gain you make that is taxed, as opposed to the amount of money you receive.

 

Here’s the details so you don’t get stung by the new rules!

 

HMRC have recently changed the rules on paying capital gains tax. If you have sold a property (which was not your primary residence) after 6th April 2020, you must report and pay any Capital Gains Tax within 30 days of selling the property.

 

Previously, you could wait until your Self-Assessment was due and you could declare it at that point. However, this rule has now changed and it needs to be declared within 30 days.

 

This is essential information for anyone who is eligible to pay capital gains tax.

 

If you would like to discuss your capital gains or any other tax concerns, give our team a shout on 01952 882434, and we can help you stay on the right side of the rules.