Price growth across the UK is at its strongest level in over 13 years as the roadmap to ‘normality’ continues. A year ago the housing market was closed for business and few would have predicted then the current state of play. Mortgage lending and property sales hit record highs in March, as too the average price of a newly marketed property. That record was broken again in April, read more about the key trends in the national and regional housing market here >> Summer Report. Get in touch if you'd like to know more about how the market is affecting you, advice on the home moving process and how we can assist you with your property journey.
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.
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