October 2020 Amendment
This letter is the personal view of Steve Forbes. Please check the appropriateness to your individual position with your adviser before taking or refraining from any action.
Further to Steve’s recent Informing You, we would like to clarify HMRC’s position regarding the sale of second homes and Capital Gains Tax.
The new rules regarding payment of tax required within 30 days did in fact come in on 6th April 2020 however no late filing penalty charge was applied for any transactions completed up to 30th June if reported by 31st July 2020. HMRC were in effect allowing a period of adjustment but any sale of second home/additional dwelling was still reportable.
Any transactions completed after 30th June will incur a late filing penalty if not reported within 30 days.