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Landlords selling property have been hit with fines for missing a new 30-day tax window, with more than 16,000 people missing the deadline last year, according to the Daily Telegraph.
Before April 2020, when landlords sold a residential property, they had to report the sale and associated tax charges on a Self-Assessment tax return. Any money owed would follow the same Self-Assessment payment deadlines.
Since April 2020, those selling a second home must declare and pay any capital gains tax due within a month of completion or face penalties.
The seller must submit a Capital Gains Tax return to HMRC within 30 days of the sale. If there is any tax due, this must also be paid within the same 30-day window. The sale also needs to be reported on a Self-Assessment tax return for the appropriate tax year. HMRC says it is taking a lenient approach to fines, and that no one would be penalised for paying their taxes late until 2022. However, more than 13,000 people still received penalties for filing late outside of the three-month grace period.
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