If you own a holiday let, second home or a buy to let property and are thinking of selling you’ll need to be aware of new tax rules coming into force from April 2020.

The current rules give you up to 22 months from the disposal of a property to report and pay the Capital Gains Tax (CGT) due, but, from April 2020 you will have will have just 30 days to complete the process.

There are a few exceptions to the new rules; for example where the gain is covered by your annual CGT allowance or capital losses brought forward, but if they don’t apply you will be fined for late filing or payment, so you should try and make sure the correct paperwork is to hand before you complete the sale.

For further advice, either on the above or on other tax matters, please contact David Sutton by telephoning on 015394 32540, or email dsutton@suttonstax.co.uk.