When it comes to selling a house, for most people it’s a big sigh of relief. What you may have forgotten about is the fact that when you sell a property in the UK, you may have to pay taxes, and that usually means telling the HMRC about selling your property. When you sell your house, you must inform HMRC by submitting a Capital Gains Tax (CGT) return. Your solicitor will usually take care of this part for you, but if you’ve sold your home in privately, then you would need to do this on your own.
The most simple and effective way to tell HMRC about the house sale is by completing the Capital Gains Tax UK property disposal return form online. You would need to provide the following information when filling in the form:
- The address and postcode of the property
- Date of when the property was first bought and the date it was sold
- Value of property when first bought
- Value of property when sold
- Any costs associated with buying, selling or improvements of the property
- Exact dates of how long you’ve lived at the property
