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HMRC’s wealthy external forum has begun sending letters to those taxpayers who have recently sold a property, which was not their main residence, reminding them of their obligation to file a capital gains tax return within 60 days of completion if a chargeable gain arises, the Chartered Institute of Taxation reports.
The correspondence is also aimed at those who are ‘considering selling’ and have put their property on the market. The document warns that if the seller does not complete a capital gains tax return when they should have done, HMRC may subsequently issue a determination to recover any tax due, along with interest and potentially penalties.
The letter includes a detailed frequently asked questions sheet to assist the recipients in determining whether or not a return should be filed.
