Financial Remedy Proceedings Remitted to High Court
The Court of Appeal has set aside a financial remedy order in a divorce between a wealthy couple, finding that it was necessary for the case to be reheard. ...
Continue readingNew rules surrounding the payment of Capital Gains Tax (CGT) on profits made on the sale of a residential property are now just weeks away.
Taking effect on 6 April 2020, the changes will reduce the amount of time individuals have to pay their CGT bill and could significantly increase the CGT due on the disposal of a residential property.
Current legislation will change in regard to Letting Relief, CGT liability and the tax exemption period on principal private residences.
In summary, from April:
- Residential property disposals will have to be reported and CGT paid on them within 30 days of completing a sale;
- Letting Relief (up to £40,000) will only be available if the letting took place at a time when the homeowners shared occupancy of a main residence with the tenant;
- Private Residence Relief, for landlords renting out their former homes, will apply to the full period a taxpayer lived in the property as their main residence plus the final nine months of ownership – reducing from the current ‘final exemption’ period of 18 months.