UK Landlord Forum / Life

When I sell my rental and want to buy
 another property do I need to inform gov tax man? Is there a time limit to inform them as it won't be straight away.
If people sell and don't buy is there a time limit to tell the gov as CGT needs paying.

You have 60 days to report the sale to HMRC using a standard form and to pay any CGT.

You don't have to specifically tell HMRC that you're buying another property, but they'll know because of the SDLT.

I am on the understanding that no CGT is paid if selling and buying

That's almost certainly a misunderstanding.

Really?

Quote from: Shackowner on October 03, 2024, 02:20:54 PMI am on the understanding that no CGT is paid if selling and buying

Why don't you tell us why you have that understanding?

If it's something you read on a .gov web page, please link to it.

If it's something your mate down the pub told you, ask him again.

If it's something you made-up in hope, let us know how it not been true might affect your plans.

Quote from: Shackowner on October 03, 2024, 02:20:54 PMI am on the understanding that no CGT is paid if selling and buying

You may be thinking of rollover relief.

It doesn't apply to residential property.

Just wanted a straight professional answer. As I thought that was this was for

Quote from: Shackowner on October 03, 2024, 11:01:50 PMJust wanted a straight professional answer.

Then you'll need to consult and pay a professional tax advisor.



Or, as many people do, you could simply read the definitive information provided by HMRC:

  https://www.gov.uk/tax-sell-property
  https://www.gov.uk/tax-sell-home
  https://www.gov.uk/capital-gains-tax


Is that answer straight enough?

Quote from: Shackowner on October 03, 2024, 11:01:50 PMJust wanted a straight professional answer. As I thought that was this was for

You got a straight answer.

I had a vague impression that CGT did not apply in these circumstances.  It took me 30 seconds to Google this morning and find I was wrong.

Anyone reading the introduction to the forum would know that there is no claim to give definative advice on legal or financial matters. Some of our members have very useful professional backgrounds, and a couple of them responded to your query promptly and with courtesy. The information was as straightforward as you could expect. 

The rest of us are landlords and tenants with a lot of experience gleaned over years at the coalface. We share this in a spirit of goodwill, at no cost and in our own time.  I am so sorry that the service we provide has not been of the standard you expected. 

This forum has changed me, I often read threads from Landlords and think about how my initial assumption about how anyone who has gotten to the point in life where they own property to let to other people must have something about them, after all - it is a sign of some success - must be plain and simply put: wrong.

Then threads like this come up time after time and I realise that plenty of Landlords are simply stupid.

Cheers