Most of you will know that sales of residential property need to be declared and tax paid in 60 days. There is however one handy exception!
I first learnt of this two years ago via a pal but almost forgot about it until it came up just now with a client.
Most of you will know that if you sell a residential property and there is a tax bill you have to calculate, disclose and pay the tax within 60 days of the sale. There is however one pretty good exception to this and this is the only time of year when it applies.
Considering how many sales went through to beat the SDLT changes there will be a lot of people that can take advantage but it does require some work.
One of the exceptions is that you have already reported the disposal on an income tax return! Yep! If you can submit your 2025 tax return, including the gain on it, within 60 days of the disposal, you do not need to do the separate registration and declaration. How handy is that?
Another good reason to keep your records as up to date as possible!