From April 2020 , new capital gains tax rules are set to take effect, and the changes will impact most sales of additional properties in the UK. Landlords and property investors are expected to be impacted by new rules coming in next April on capital gains tax, which is paid on any profits made through the sale of a property that isn’t your main residence. The changes coming in will affect the time you have to pay your capital gains tax bill, the amount of tax relief you can claim if you previously lived in the property, and how letting relief will work. Tighter payment deadline Because capital gains tax on property is currently paid through your self-assessment tax return, it normally doesn’t need to be paid until the following tax year – so a property sale that incurs CGT in the 2018/2019 tax year doesn’t need to be declared and paid until 31 January 2020. But from April 2020 , sellers will need to pay the full amount owed within 30 days of the completion of the sale . While the...
This is the Allen Tomas & Co Financial Management blog. We'll put all the latest financial news here, as well as some things we think you'll be interested in.