Capital Gains Tax is a tax on the profit when you sell (or dispose of) something (an asset) that is increased in value. It is the gain that is taxed and not the amount that you receive and broadly applies to second homes or buy to let investments, not primary residences. Since 6 April 2020, UK residents, individuals, trustees, or personal representatives with a gain arising on the disposal of UK residential property (on which there is Capital Gains Tax to be paid) must report it via the new UK Property tax return within 30 days of completion. It appears that this change has passed by unnoticed and as many as one-third of CGT returns were filed outside of 30 days and in the last six months of 2020, late filing penalties totalling £1,311,300 were issued since the 30-day window was introduced. Read more on this and follow the Government guidance in this article by NAEA Propertymark here.
The decision to buy a place to live for the first time is a big one. Becoming a property owner is a life-changing event; some would argue it’s on a par with getting married or having children. For first-time buyers who are new to the property industry, read this blog post by The Guild of Property Professionals for some helpful advice on how to find the right home. Click here.
The deep cleaning, the long list of repairs, the multiple viewings and all the waiting around can leave you feeling exhausted when you are selling a house. Many people postpone putting their property on the market to avoid all the stress involved, or even worse, they have waited months in the hope that a buyer will finally come along. Your situation, whether that’s to get out of a property chain or you are experiencing financial issues, could mean without finding a buyer, you are stuck in a difficult situation.
With traditional methods of selling a home, it may feel like you have no other option, but the introduction of iBuyer platforms means you could find a reliable buyer to make the process quick and simple. If you are not sure whether this is the right solution for you, The Guild of Property Professionals have collated the top 10 reasons people sell their homes through an iBuyer platform. Read the blog post in full here and get in touch with us if you'd like more information.
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