Don’t miss this new tax rule

£27.00

This 528-word blog post looks at HMRC research into improving understanding of changes to capital gains tax on the disposal of residential property, coming into force in April 2020. Written on 1st July 2019.

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Article preview: Tax changes coming into force next April have prompted HM Revenue & Customs to remind taxpayers of their new obligations. The change to capital gains tax (CGT) means that the tax due on the disposal of residential property will need to be paid within 30 days of completion. It’s a significant change to the current rules, where CGT on selling a residential property doesn’t need to be paid for as long as 22 months after the disposal. The current system requires reporting the disposal in line with the deadline for submitting a self-assessment tax form.