Published 5th March 2019; Updated 21st March 2019
Capital Gains Tax (CGT) can apply whenever you sell an asset.
The UK government has changed the way we handle this. With effect from 6th April 2020 a disposal by a UK resident:
Under the existing rules, a tax liability derived from a disposal on 6th April 2018 would not be payable until 31st January 2020 – some 21 months and three weeks after the event.
Under the new rules, the tax liability derived from a disposal on 6th April 2020 will be payable on or before 5th May 2020.
The following changes are now law:
If you are thinking of disposing of any asset speak to us first!
The information contained in this newsletter is believed to be correct at the time of publication. The content of this newsletter is intended to be a brief summary of the principal points of the legislation or proposed legislation only, and it is provided for general guidance only. It may not take into account subsequent changes in the law and of necessity it omits much detail. Taxation is a complicated subject and is subject to change. You should only rely on advice prepared specifically for you. Neither the writer nor Landlords Tax Services Ltd can be held liable for any loss arising from any act or omission by you as a result of your understanding of this article. If the subject matter is of interest you should contact us to see if there is a relevant update, and to take professional advice which takes into account your circumstances.
Landlords Tax Services Ltd, specialises in the taxation of residential property income and gains and more than half its clients are resident outside the UK. If you would like specialist help contact Maurice Patry F.C.A .at email@example.com or for more information visit our website at Landlords Tax Services Ltd.
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