Today, the 9th August, marks the final day anyone who hasn’t declared a Capital Gain (if due) on the sale of a second home to inform HMRC, they then have until 6th of September to make any payments. HMRC has been cracking down recently on the buy to let sector, targeting unpaid income tax from landlords along with CGT on sale.
Capital gains will be due at either 18 or 28% depending upon an individual’s income tax rate but everyone has an individual exemption of £10,900 per anum [2013/14] Main residence is free from Capital Gains but other property, including those abroad for UK residents is eligible.
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