Capital Gains Tax Changes – April 2020
There are three changes which have a significant effect on UK residential property sales taking place after 5 April 2020.
Two of these changes may be relevant if a property is sold which at some stage was the individual’s main residence. The third change is an acceleration of the reporting and payment of a capital gains tax liability on the sale of residential property.
What’s changed?
- Lettings Relief: Potentially £40,000 relief lost
- Reduction of relief available for the final period of ownership
- Reporting and payment of Capital Gains Tax payable to HMRC
Find out more in our fact sheet.
For further advice please get in touch with a member of our property tax team on 01903 234094.
