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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Feb 25

No events today
I just wanted to say thank you for the meeting yesterday. I have been in the practice for 20 years now and I have to say that your time with us has definitely been the best support we have been given, both in terms of actual "numbers" but also in personal service, support, explanation and confidence. I have seen a real increase in my partners understanding of their accounts and a reduction in their anxiety etc since you have been our accountants. Just wanted to thank you for this.
-- Dr Andrew Dearden