From 6 April 2020, HMRC is proposing three significant changes which will potentially increase the capital gains tax paid on the disposal of any residential property by an individual.
These changes seek to raise extra revenue from the disposal of residential properties and to collect these taxes more quickly.
This attached report goes into detail, covering the following topics:
- Letting Relief
- Final-period Exemption
- 30-Day Payment Window
- An Example from 2019/20
- An Example from 2020/21
- Planning Opportunites.
To read the full article click here or call Amanda Williams FCA or Thomas Pottinger FCA on 01276 681217.