You don’t own the business, but do you still owe the tax? HMRC ‘failure to notify’ penalties following a share disposal

Failed to notify HMRC of a potential tax? What happens next?

It’s not uncommon for business shares to be put in your name years ago by a parent or spouse, but did you realise selling your stake can trigger Capital Gains Tax (CGT)? As tax liabilities are often not mentioned, some people might not immediately report the gain to HMRC. The shares have been sold and the money has hit your account, so what needs to be done now to avoid HMRC ‘failure to notify’ penalties? How should I notify HMRC about a recent …

You don’t own the business, but do you still owe the tax? HMRC ‘failure to notify’ penalties following a share disposal

If you are a shareholder in a company you have little involvement in, you might not realise a share disposal can trigger Capital Gains Tax (CGT). Shares might have been put in your name decades ago by a parent or a partner, but you may have had little involvement in the business since. It is likely tax wasn’t ever mentioned. You’ve sold your shares and the money has reached your account – what needs to be done now to avoid HMRC ‘failure to notif…