From April 2020, there are changes to how long you have to pay your Capital Gains Tax (CGT) when selling residential property.
The Chancellor announced in the Budget that he will overhaul Entrepreneurs’ Relief. The lifetime allowance on claims from the relief will be reduced by 90% going down from £10m to £1m — a move the Chancellor said would save £6bn per year.
Business Asset Rollover Relief allows you to delay your payment of Capital Gains Tax (CGT) if you dispose of business assets and use all or part of the proceeds to buy new business assets.
Draft legislation to be included in the next Finance Bill will make important changes to the calculation of Capital Gains Tax (CGT) Private Residence Relief and Letting Relief.
How property used in a business is held, can have a significant impact on your tax position.
The government is currently consulting on important changes to Private Residence Relief that are likely to be introduced from 6 April 2020.