Autumn Budget 2017

Capital Gains Tax

The government had previously introduced measures to ensure that non-UK resident individuals were subject to UK Capital Gains Tax in respect of disposals of UK residential property (it had historically been the case that, barring a small handful of exceptions, non-UK resident individuals were exempt from UK Capital Gains Tax in respect of the disposal of all UK assets).

A consultation has been published regarding the extension of these rules to cover disposals of UK non-residential property by non-UK resident individuals.  The government intends to introduce legislation next year which will mean that these new rules apply to disposals which take place on or after 6 April 2019.  Only the capital gain accruing from 6 April 2019 will be taxable and so any gain accrued before that date will remain exempt from UK Capital Gains Tax.

The 2018/2019 annual exemption has been announced.  This will be £11,700 for individuals and £5,850 for trustees of most settlements.

The proposed introduction of a 30 day payment window for Capital Gains Tax due on disposals of residential property has been deferred until April 2020.

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Oct 21

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Quickbooks has transformed the way we do bookkeeping for our businesses, saving huge amounts of time and effort. The package is intuitive and very easy to use. The management reports, and ability to file VAT returns almost automatically mean that we are always on top of things. The app is great for checking progress ‘on the go’, and scanning receipts to keep fully up to date. And with the Dodd & Co team able to access our data in real-time, communication has never been so straightforward.
-- Mike Farnworth