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If you own a second home, are a landlord or a property investor, you should be aware of a new ruling that comes into force in April next year, affecting Capital Gains Tax on second homes.

Currently, if as a UK resident you sell a property where Capital Gains Tax (CGT) is due, you have to pay this by January 31 after the end of the tax year in which the gain arose. In some cases this could leave you holding the ‘tax’ for up to 21 months before it has to be paid to HMRC.

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