By Kim Parry
CFW Chartered Accountants and Business Advisers
FROM 6 April 2020, Capital Gains Tax due on the sale of residential properties will be payable within 30 days of completion.
At the moment, individuals selling a second residential property that isn't their main residence report a gain on their tax return and pay Capital Gains Tax (CGT) by the January following the end of the tax year in which the sale occurs. So, for a property sold on 6 April 2019, tax wouldn't be payable until 31 January 2021 - 22 months before CGT is due for payment.