Are you considering selling a residential property? When is the transaction likely to complete? Have you considered the Capital Gains Tax implications if it isn’t your only and main home?
New rules from 6 April 2020 impact sellers of residential property which include:
- The withdrawal of lettings relief of up to £40,000 where the owner has not been resident with the tenant.
- The restriction of the final ownership period to 9 months for principal private residence relief.
- The requirement to report and pay any Capital Gains Tax within 30 days.
It may be much more beneficial from a tax perspective to complete a sale prior to 6 April 2020 and Lambert Chapman LLP can prepare estimated calculations to help with the decision making process.
If the disposal is going to complete after 5 April 2020, then you will appreciate there is a very limited timescale to collate the information and prepare the submission. The earlier we can engage with the process the better.
Please do contact Lucy Orrow at Lambert Chapman LLP on 01376 326266 or firstname.lastname@example.org to discuss your requirements.
Posted by Lucy Orrow
The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.