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Recent articles in Taxation have focused on the new capital gains tax return that must be submitted to HMRC within one month of the sale of a residential property. The tax has also been on the mind of two of my private clients who recently sold their holiday home.
Since 6 April 2020 the tax goalposts for the sales of holiday homes and buy-to-let residential properties have moved. Previously my clients’ sale would be declared on their 2020-21 self-assessment tax returns with a payment date of 31 January 2022 for capital gains tax purposes. But a return and payment must now be sent to HMRC within 30 days of the sale.
Returns and tax
The property was jointly owned by my client and his wife and I had already gone through the registration processes for the new...
