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Residential returns
Key points
- Since 6 April 2020 taxable gains on residential property must be declared within 30 days.
- Clients not advisers must set up the new account.
- Switching between online accounts can be time consuming.
- Problems dealing with the acquisition of separate property interests.
- Confusion with various reference numbers.
- The return for residential property disposals by non-residents appears to be simpler.
One ‘given’ of being a tax practitioner is that tax law is ever-changing. It is therefore an imperative that we keep up to date with those changes so that we can advise our clients accordingly. One potentially wide-ranging change from 6 April 2020 relates to the declaration of taxable gains on residential property.
I have acted recently on behalf of two clients who sold properties within a week of each other. Both had lost parents in the previous year so had inherited houses. One client has had a bad...
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