HM Revenue & Customs (HMRC) has recently proposed a number of important changes to the ways in which it collects Capital Gains Tax (CGT) following the disposal of residential properties.
These will be of particular significance to conveyancers and their clients.
So, what’s changing?
It’s been proposed that from April 2020, CGT will be collected on residential properties (which do not or only partially qualify for relief) within 30 days of disposal.
If these plans go ahead, it would become an essential aspect of any quality conveyancing service, and clients will certainly need to be advised about this payment prior to sale.
At Moore Thompson, we can assist with CGT matters and help you provide a service for your homebuyers, which you capitalise upon on.
We regularly help clients calculate and claim all available allowances and reliefs when paying CGT, so we’re well placed to provide you with additional expertise, which will in turn allow you to provide a holistic service to your clients.
For more information on tax matters relating to residential property conveyancing, please contact us.