New system for reporting Capital Gains Tax on property disposal started 6 April 2020
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
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 property during that period.
Impact on the high-income child benefit charge
With many employees and the self-employed being furloughed, being made redundant or making lower profits their income for 2020/21 may well fall below the £50,000 limit at which child benefit starts being taxed. The charge is 1% for every £100 that adjusted net income exceeds £50,000 multiplied by the child benefit claimed in respect of the children.
New “furlough” system for employee wages up and running
The Coronavirus Job Retention Scheme claims portal opened on Monday 20 April and early indications are that it seems to be working smoothly but with a few teething problems as you would expect from a brand-new system.
More details on self-employed grant scheme
In outline the Self-Employed Income Support Scheme allows the self-employed to claim 80% of their average profits for the period up to 2018/19 limited to £2,500 a month, initially for a three-month period.
