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Capital Gains Tax

Treasury written question – answered on 6th February 2020.

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Photo of Gregory Campbell Gregory Campbell Shadow DUP Spokesperson (International Development), Shadow DUP Spokesperson (Cabinet Office)

To ask the Chancellor of the Exchequer, what steps he is taking to ensure people selling residential properties which may lead to a potential capital gains tax payment are aware of the changes to that tax which will be introduced from 6 April 2020.

Photo of Jesse Norman Jesse Norman The Financial Secretary to the Treasury

From 6 April 2020 anyone disposing of a UK residential property on which a chargeable gain arises, such as on a second home or a rental property, will be required to report and pay any capital gains tax due within 30 days of the completion of the sale.

HMRC recognise that this is a significant change and are starting to roll out a comprehensive communications plan, so that people understand what the changes mean for them and what they need to do.

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