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24 James Street, Ebbw Vale. NP23 6JG

Association of Chartered Certified Accountants

April 2020 – Capital Gains Tax changes – main residence

Posted on by Steve

There are 3 significant changes which are as follows:-
(1) Lettings relief will only apply if the letting was undertaken whilst the owner was living in the property.
(2) The final period of exemption is reducing from 18 months to 9 months.
(3) The transaction will need to be reported on a stand alone Capital Gains Tax return within 30 days of completion and a payment made within the same time frame for the Capital Gains Tax arising.

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