HMRC reminder letters about rollover relief and residential properties
11 Nov 2022
HMRC’s Wealthy Team are issuing letters to some taxpayers who, in years prior to 2020/21, disposed of a residential property and claimed business-asset rollover relief on the corresponding capital gain. These letters are reminders that, except in very limited circumstances, rollover relief cannot be claimed on residential properties. A failure to reply and/or submit a disclosure to correct any incorrect tax returns within 30 days, will likely be met with an HMRC enquiry and possibility a discovery assessment.