HMRC are reminding those who are (or may be) selling a residential property about their CGT obligations
12 Sept 2022
HMRC’s Wealthy External Forum have begun sending letters to those taxpayers who have recently sold a property, which was not their main residence, reminding them of their obligation to file a CGT return within 60 days of completion if a chargeable gain arises. The letter is also aimed at those who are ‘considering selling’ and have put their property on the market. The letter warns that if the seller does not complete a CGT return when they should have done, HMRC may subsequently issue a determination to recover any tax due, along with interest and (potentially) penalties. The letters come with a detailed Frequently Asked Questions sheet to assist the recipients in determining whether or not a return should be filed.