How Will The COVID-19 Pandemic Affect Selling An Inherited House? Leeds Property Company Offers Advice
Leeds-based property company 321 Move warn of changes to UK property market due to lockdown measures and changes in regulation.
While the UK remains in lockdown, so does the housing market with the government urging a delay to all sales. The usual surge of sales in Spring are non-existent as viewings for properties are no longer able to take place.
Often, an inherited home needs to be sold to settle inheritance tax bills. Despite the contract being legally binding, these are exceptional circumstances. It should be possible to amend the contract with agreement of both parties to continue the sale once social distancing restrictions are lifted.
The property market may be frozen, but there are several important changes to taxes on property sales that may have slipped by unnoticed.
From Monday 6th April 2020, the way landlords and property investors handle their Capital Gains Tax has changed.
If a UK property sale doesn’t qualify for Private Residence Relief, they have 30 days to inform HMRC and make a payment. There is also a new online service from HMRC to navigate the changes that can be found on the Gov UK website.
In light of COVID-19, HMRC has promised that there will be no charges on inherited property sales from the 6th April and 30th June 2020 for late Capital Gains Tax payments and returns.
The 321Move team recommend that you seek expert legal advice before you embark on selling an inherited house.
321 Move are property sale experts with offices in Leeds and London.
More information can be found via their website, 321move.co.uk.
