CGT and selling a second property

CGT and selling a second property

From 6th April 2020 the way you declare your Capital Gain Tax (CGT) to HMRC when selling a second property changes. Instead of just including the sale in your end of year personal tax return you must also now personally declare the gain online at www.hmrc.gov.uk and pay the tax due within 30 days of the sale. There is an online calculator to help you pay the correct tax. The sale must also still be included on your end of year tax return. The prevailing tax rates on the sale profit of 18% for basic rate tax payers and 28% for upper rate payers remains and you also still receive the £12,000 CGT tax free allowance. If your gain is less than this you do not have to declare online.

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