Important Changes to Capital Gains Tax

Changes to Capital Gains Tax, Private Residence and Letting Reliefs  

From today, 6th April 2020, the government is making a number of changes to Capital Gains Tax, Private Residence and Letting Reliefs on properties.

The changes can be summarised as follows:

1. 30 days to tell HMRC and pay any CGT Tax owed on property sales 
2. Transfers between married couples equalised 
3. Final period of ownership reduced from 18 months to nine months 
4. Lettings relief unavailable for periods where owner is not occupying

Broadly, all of the above changes apply to transactions undertaken from 6th April 2020.