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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May 22

No events today
Dodd & Co has been employed as our business accountants for over thirty years.  During this time we have worked closely with Alan McViety who has advised us through the growth and diversification of our family business. They have always offered an exceptional personal service, which has made a real difference to our business and provided invaluable support.   I would describe them as efficient, highly professional and pro active in coming forward with advice and ideas. Over the years they have developed a great understanding of our business and I would highly recommend their services.
-- John Cannon, Cannon Hire Haulage