If you sell a residential property in the UK, other than your principal private residence, you may need to inform HMRC within 60 days. This applies to UK properties sold after the 27th October 2021.
There are some exceptions to the new rules. You do not need to report this to HMRC if you sell to your spouse or civil partner, you sell the property for a loss or your gain is within your tax free capital gains annual exemption.
In addition to the change in deadline, the way capital gains are reported for UK property has also changed. Reporting these gains now requires individuals to have a specific government gateway Capital Gains Tax on UK Property Account. You can create one of these on Gov’s website https://www.gov.uk/report-and-pay-your-capital-gains-tax/if-you-sold-a-property-in-the-uk-on-or-after-6-april-2020
If you have any questions, are considering selling your UK property, or if you have already sold since 27th October 2021 and not yet reported it, please get in touch with us.