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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Aug 17

No events today
Dodd & Co have been extremely helpful and supportive from the first meeting we had with them.  After being left in a mess by our previous accountants they stepped in and sorted everything out, from broader business planning to the finer details, with no fuss and kept us informed along the way. They deal with all tasks quickly and efficiently, without prompting from us which has been a huge weight off our shoulders.  The support, advice and service we have received from Alison, Tony and the team at Dodds has far exceeded any expectations we had.  We wouldn't hesitate to recommend them.
-- Gemma Bell, Vincent & Bell Limited