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New system for reporting Capital Gains Tax on property disposal started 6 April 2020

Buy-to-let property

A new Capital Gains Tax reporting and payment on account system was introduced for residential property disposals by UK resident taxpayers from 6 April 2020.  The new system as originally announced required the disposal to be reported and any Capital Gains Tax on the disposal to be paid on account within 30 days of completion. […]

Capital gains tax private residence relief changes go ahead

Key in door

The latest Finance Bill includes important changes to private residence relief that took effect from 6 April 2020. The first change is to limit to just 9 months the period prior to disposal that counts as a period of deemed occupation and thus exempt from CGT even though the owners are not living in the […]

Further Changes to Entrepreneurs’ Relief?

Another tax relief that may be further restricted or even abolished is Capital Gains Tax entrepreneurs’ relief. This relief allows business owners to pay just 10% Capital Gains Tax on the first £10 million of capital gains when they dispose of their business and was tightened up in the Autumn 2018 Budget. When first introduced, […]

Year End Capital Gains Tax Planning

Have you used your 2019/20 £12,000 annual capital gains exemption? Consider selling shares where the gain is less than £12,000 before 6 April 2020. Also, if you have any worthless shares consider a negligible value claim to establish a capital loss. You may even be able to set off that capital loss against your income […]

Another reason to sell property before 6 April 2020

If the draft legislation issued for consultation last year is enacted in the next Finance Act there will be important changes to private residence relief for disposals after 5 April 2020. Firstly, the exemption for the final period of ownership will be reduced from 18 months to 9 months. This applies where a former main […]

Will inheritance tax be simplified?

Another announcement to listen out for in the Spring Budget on March 11 is whether the Chancellor acts on the recommendations of the Office of Tax Simplification (OTS) regarding inheritance tax. As reported in an earlier newsletter, the OTS suggested simplifying inheritance tax on lifetime gifts including reducing the period of potential exemption from 7 […]

Changes to paying Capital Gains Tax on residential property from 6 April

From 6 April 2020 there is a major change in the reporting and payment of Capital Gains Tax on residential property disposals. From that date, it will be necessary to report the disposal of the property within 30 days of completion of the disposal and pay Capital Gains Tax on account to HMRC. This will […]

CGT on property sales due within 30 days from 2020

Buy-to-let property

Draft legislation in the next Finance Bill will introduce significant changes to the reporting of residential property disposals and the payment of Capital Gains Tax (CGT) from 6 April 2020. Currently non-UK resident taxpayers disposing of UK residential property are required to report the disposal to HMRC within 30 days. The new legislation extends this […]



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