Index West Midlands calls on industry to be mindful of CGT
Index West Midlands has called on the industry to be mindful of Capital Gains Tax (CGT) liabilities.
This is due to the volume of houses currently being listed for sale, and the speed at which they are selling.
In order to avoid missing CGT liability, residential and commercial property lawyers and conveyancing specialists are increasingly taking advantage of third-party support and tools, according to Index West Midlands.
Kate Bould, managing director of Index West Midlands, said: “HMRC has issued a reminder of the change it made to the deadlines for paying CGT that took effect on 6 April this year.
“Any UK resident selling a residential property in the UK must advise HMRC of CGT due and pay it, within 30 days of the sale completing.
“The high-paced market means agents and conveyancers are busier and under more pressure than ever before, with the volume and rate of transactions reaching record highs.
“Conveyancing professionals must be supported to ensure CGT and potential liabilities are flagged at the start of each and every property transaction, so that all parties are aware of the obligations and the 30-day deadline.
“This alliance delivers reassurance to our clients that all calculations are compliant, on time and accurate.
“This is invaluable, especially at such an unprecedented and busy time for the residential property market.”