As a Solicitor involved in the conveyancing of residential property or divorce settlements, you may already be aware of some of the new rules being introduced by HMRC from 6 April 2020.
The most drastic of these is the requirement to report and pay capital gains tax within 30 days of the date of completion for residential property. The only exemption currently is where the property has been the owner’s only and main home.
As you will be aware Stamp Duty Land Tax is payable within 14 days of purchase and solicitors usually manage this process. It is not yet known, whether it will be a solicitor’s responsibility to make the Capital Gains Tax payment for their client.
At Lambert Chapman we will be geared up to help your clients estimate their tax liability and make the required report ahead of any deadline. However, with the very limited timescale, it is important that early attention is made to this matter.
You may wish to advise all your clients of their responsibilities, provide a flyer about it or just mention it in passing. In any instance, Lambert Chapman will be happy to support you.
If you want to discuss these new rules in more detail, please contact Lucy Orrow at Lambert Chapman LLP on 01376 326266 or firstname.lastname@example.org.