When you sell a property that you have not used as your permanent or only residence, you must inform HMRC as you may have to pay tax. If you do not do this, HMRC call this a ‘failure to notify’. HMRC collects information from multiple sources to make sure you have reported property disposal through your personal self-assessment or direct reporting and have access to the record to confirm if you have lived in this property or not. If someone does not report this, HMRC usually write to the seller to check the details of the property disposal to decide whether you must pay Capital Gains Tax. Not declaring or paying what you owe is an offence and could land you with a hefty fine, possibly even leaving you to pay more than you originally owed in interest.
When I Sell My House Do I Get My Deposit Back
Selling a house can be an exciting yet stressful experience, and one of the things you may be wondering is whether you’ll get your deposit