Tell the tax office if you have sold a second home

By Olive Carterton

Independent practitioners, among a number of professionals who may have sold a second home during 2019-20, are being reminded to declare it on their self-assessment tax return.

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 2019-20 financial year, and pay the capital gains tax (CGT) due. 

Since 6 April 2020, there have been changes to how customers declare and pay CGT.