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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Jan 18

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You can do it all yourself online, but to know it is being dealt with properly takes away the pressure and gives peace of mind, especially in your first year of business. Nothing is too much to ask for, a very friendly firm and when I ring up it’s like they know me regardless of who answers, no question or query is too much. And it’s great to pay £48 per month for everything because that way you don’t even notice it!
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