13th February 2020
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.
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.