capital gains - how do they know?

the_reductionist

Just a simple question - who informs IR when a second property is sold? Presumably the conveyancing solicitor doesn't so is it the case that if it has been run as a business that the IR expect to be informed voluntarily on the self-assessment?

After all just because the business stops (rental of second property) this doesn't mean the property has been sold.

Mikeyorks

the_reductionist wrote:

.....Presumably the conveyancing solicitor doesn't ...

They do if the purchase is subject to Stamp Duty - which goes into an HMRC database. And your Bank does, indirectly, if you put the proceeds into any form of interest bearing account.

RayWolfe

the_reductionist wrote:

Just a simple question - who informs IR when a second property is sold?

You do on your tax return. It asks the direct question. If you don't get a SA form you need to ask for one.

ManAtHome

Many many years ago, the conveyancers were obliged to inform the District Valuers (part of Inland Revenue) - Particulars Delivered was the document name. Dunno if this is still the case...

the_reductionist

Many thanks for the information. Seems as if it may be up to the individual to sort this and as ignorance is no defence then I'm afraid more money must go to this rapacious government.:mad:

Australia anyone?