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Selling property – watch out for the pitfalls!

Selling property – watch out for the pitfalls!

HMRC won in a recent tax case regarding property sales. The case highlights some important points for taxpayers to bear in mind:

1. Don’t assume that because a capital gain is below your annual exemption of £11,100 it does not have to be reported to HMRC. HMRC receive information directly from the Land Registry so can easily check information submitted (or indeed lack of it).

2. If you are claiming tax exemption on the sale of your home, make sure that the relief applies – care is needed when you have more than one home.

3. All property enhancement expenditure needs to be supported by invoices showing work done and costs.

If you would like advice on property disposals please call Lesley Sutton on 01484 550 037 or email tax@revellward.co.uk for more details.

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