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Capital Gains Tax Changes

Capital Gains Tax Changes

HMRC are introducing some significant changes to the Capital Gains Tax (CGT) rules relating to the sale of residential property which will come into effect from 6th April 2020.

UK residents who dispose of residential property on or after 6 April 2020 will be required to deliver a return to HMRC and pay any CGT due within 30 days of completion. Prior to this change, any disposals would be reported and paid, via the self assessment tax return due by the end of the tax year of the disposal.

Where no tax is due (e.g., where private residence relief applies, or for overseas property, any UK tax is fully offset by foreign tax paid) or there is a loss, no CGT return is required, although reporting may still need to be made on the individual’s self-assessment return.

If you have a residential property which you are thinking of selling, it is important to understand how these changes will affect you so please make contact with your contact at Gall Robertson CA.