Capital Gains Tax Changes
Historically capital gains tax on property gains has been paid 9 months after the end of the tax year in which a property was sold.
For example a property sold on 31 March 2020 would be reported on the 2019/2020 Tax Return and tax paid by 31 January 2021.
From 6 April 2020 this has changed so that tax becomes payable within 30 days of the disposal, so if a property was sold on 7 April 2020 the tax would be payable by 7 May 2020.
In the circumstances described above tax on the property sold most recently will actually be payable nearly 9 months earlier than the property sold in March.
If you think this might apply to you, you can find more information by contacting us or using the links below.