3 December 2015. Autumn Statement: Changes to Capital Gain Tax

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George Osborne has announced that from April 2019 the date on which property owners have to pay the Capital Gain Tax (CGT) will change.

At present property owners can pay the CGT within 10-22 months after the transaction. Starting from April 2019 they will have to pay tax within 30 days.

You may be obliged to pay CGT if you make a profit when you sell, for example, buy-to let property, second home or inherited property.

However, many sales will remain tax-free. For instance, if you make a profit when you sell your home, you will not be liable to pay CGT due to Private Residence Relief.

For further information please contact Tatiana Svetlova on tsvetlova@svetlovallp.com