Capital Gains Tax on Second Homes
Selling a Second Home? Don’t Get Caught Out by Tax
If you’re selling a second home, whether it’s a holiday property, buy-to-let, or an additional residence, you may face a Capital Gains Tax (CGT) bill. With strict rules and short deadlines, it’s easy to make costly mistakes. At Strix Accountancy, we help you calculate, report, and reduce your CGT liability so you can move forward with confidence.
Do You Pay Capital Gains Tax on a Second Home?
Yes. Unlike your main residence (which usually qualifies for Private Residence Relief), second homes are generally subject to CGT when sold. This applies to:
- Holiday homes
- Buy-to-let or rental properties
- Homes you own but do not live in as your primary residence
The taxable gain is the profit you make from the sale after deducting your original purchase price, certain expenses, and available reliefs.
Our Second Home CGT Services
We provide complete support for second home sales, including:
- Accurate CGT calculations based on your sale price, allowable costs, and reliefs
- Maximising reliefs and allowances, including:
– Annual CGT exemption
– Lettings Relief (where applicable)
– Spousal transfers to optimise tax savings - Filing your 60-day CGT property return to avoid HMRC penalties
- Tax-efficient planning ahead of your sale to minimise liability
- Ongoing advice if you own multiple properties or plan future investments
Why Speed Matters
Since April 2020, anyone selling a UK residential property that triggers CGT must:
- Report the disposal to HMRC
- Pay the CGT due — all within 60 days of completion
Missing the deadline leads to penalties and interest. Our team ensures everything is submitted on time and without errors.
