Sale of (let) residential property: is HMRC notification required?

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    Sale of (let) residential property: is HMRC notification required?

    I have just sold a residential property I have been letting.
    There is a capital loss on the disposal.

    I have a vague recollection that such disposals need to be notified to HMRC within 30 days of completion, but a search has not come up with anything other than "it will become necessary from 2020".

    So, my question is: Did I imagine this requirement, or if it exists, then what is it (for both a gain and a loss)?

    #2
    It is/was planned as a change announced by George Osbourne that has not come into effect.

    It seems to have died the death (I suspect that HMRC would find the change more difficult and costly to administer than the benefit of receiving CGT sooner - which is - essentially - a one-off win).
    It was, and is, a stupid idea.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

    Comment


      #3
      I suggest you send a written enquiry to your tax office , asking which tax form to submit for registering a capital loss after sale of BTL property

      Comment


        #4
        I have just called the Capital Gains help line and they advised that (currently) it is only non-UK residents that have the 30-day rule for notification of disposal. UK residents use end of year tax return.

        Thank you both for your time and advice.

        Comment


          #5
          The problem is that HMRC can't currently properly cope with any kind of "interim" tax return (non-UK residents don't have annual tax returns, pretty much by definition).
          The best they can do is adjust a tax code or interim payment if you advise them something has changed dramatically.

          Which was why the idea was a non-starter in reality.
          Unless HMRC can produce some clever online system that allows for interim returns, or the frequency of tax returns is increased, it's pie in the sky.
          When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
          Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

          Comment

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