New Changes to Capital Gains Tax (CGT) For Property Owners – April 2020
If you’re relocating or stuck in a chain when moving property, new changes to Capital Gains Tax (CGT) is coming into force this April (2020). HMRC is ramping up all efforts to grab more tax from property owners!
If you’re in the proverbial chain and you perhaps foolishly, brought your next property without exchanging on your existing one, the claws of HMRC are tightening around you.
The new legalisation will reduce the time you have to actually sell your property – reducing it from 18 months to only 9 months. If you fail to sell your property within this period, you will trigger a CGT bill. Be warned!
That’s not all: The new legislation will only allow you 30 days to calculate the tax owed, report the gain via an online tax return and pay the amount owed. This is a huge change given that you used to have until the next self-assessment deadline of January 31 to submit and pay the tax owed.
These are really significant changes for any of you selling second homes or buy to let properties. Please take note.
Contact our friendly team today for more information – https://www.greshamstreet.com/contact-us/