Do Capital Gains Tax Changes Affect You?

We are all (hopefully!) aware that there are changes to the rules surrounding Capital Gains Tax as of April 2020 – which is closer than you might think. These changes are relevant for many of our clients – if you have rental income, more than one home, or land exceeding a stated area you could be affected.

New Rules

When a property is sold a tax return must be filed

Capital Gains Tax must be paid on the sale within 30 days of completion

Relevant from April 6th

For vendors who have property that is let

Property that has previously been let

More than one home

A home with gardens or ground that exceed 0.5 hectares in total

Non-UK residents are already subject to this Capital Gains Tax payment requirement.

If this affects you and you are keen to know more we are more than happy to recommend a specialist accountant for you to talk to – just contact us here at The Finance Roome –  give us a call.