Home Property Warnings raised over missed CGT amid Stamp Duty holiday property scramble

Warnings raised over missed CGT amid Stamp Duty holiday property scramble

by LLP Finance Reporter
10th Dec 20 12:31 pm

Against the backdrop of a record-breaking surge in the volume of houses being listed for sale and the speed at which they are selling, fresh calls are being raised to be mindful of Capital Gains Tax (CGT) liabilities.

Residential property search market specialist, Kate Bould said, “HMRC has issued a reminder of the change it made to the deadlines for paying CGT that took effect on 6 April this year. Any UK resident selling a residential property in the UK must advise HMRC of CGT due and pay it, within 30 days of the sale completing.

“The high-paced market means agents and conveyancers are busier and under more pressure than ever before, with the volume and rate of transactions reaching record highs,” she adds. “Conveyancing professionals must be supported to ensure CGT and potential liabilities are flagged at the start of each and every property transaction so that all parties are aware of the obligations and the 30-day deadline.”

To avoid any problems or missing CGT liability, time-stretched residential and commercial property lawyers and conveyancing specialists are increasingly taking advantage of third-party support and tools:

Kate says: “Independent, tailored, and compliant advice on CGT is available quickly and efficiently from third-party specialists.”

To provide its solicitor clients access to specific advice and calculations on CGT, as well as Stamp Duty Land Tax advice and support, Index West Midlands works with Solihull-based Cap Ex Associates. “This alliance delivers reassurance to our clients that all calculations are compliant, on time and accurate. This is invaluable, especially at such an unprecedented and busy time for the residential property market,” Kate says.

“Working with third-party specialists is part of Index West Midlands’ wider commitment to supporting our clients, and providing expert support, alongside our comprehensive education and best practice programmes.”

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