HMRC is sending out 14,000 “nudge” letters to people who have sold a residential property during the 2018/19 tax year asking them to check whether they owe Capital Gains Tax (CGT), tax and advisory firm Blick Rothenberg has warned.
Suzanne Briggs, a partner at the firm advised there is a more immediate problem as anyone who has sold a property after 6 April this year where there is CGT to pay, should have reported the disposal and paid the CGT within 30 days of the sale. A late return will incur a late filing penalty and interest on the late payment of the CGT.
“There has been little publicity about this new regime and the short filing deadline will catch many people out," Ms Briggs warned. "HMRC should be proactively educating taxpayers rather than penalising them for late filing after the event. Anyone who thinks that they owe money should deal with it now or they could face fines and interest charges.”