Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to ensure people selling residential properties which may lead to a potential capital gains tax payment are aware of the changes to that tax which will be introduced from 6 April 2020.
From 6 April 2020 anyone disposing of a UK residential property on which a chargeable gain arises, such as on a second home or a rental property, will be required to report and pay any capital gains tax due within 30 days of the completion of the sale.
HMRC recognise that this is a significant change and are starting to roll out a comprehensive communications plan, so that people understand what the changes mean for them and what they need to do.