Time is running out for anyone who sold a second home during 2019 to 2020 to declare it on their Self Assessment tax return.
HM Revenue and Customs (HMRC) is reminding customers that they have until 31 January 2021 to declare any profit made from selling a UK residential property, which was not their main home, during the 2019 to 2020 financial year, and pay the Capital Gains Tax that is due.
Since 6 April 2020 there have been changes to how customers declare and pay Capital Gains Tax. UK residents who dispose of a UK residential property that is not their main home and make a Capital Gain where there is tax to pay, should use the online service to inform HMRC and pay the tax due within 30 days of completion.
Non-UK residents disposing of UK land and property should also use the online service, regardless of whether there is a gain or not.