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Did you know that Changes to capital gains tax (CGT) came into effect in April 2020? How does this affect you and your property?

CGT is paid on profits made through the sale of any property that isn’t your main home, so this tax affects the sales of most second properties. It is the profit made that is taxed, not the entire amount.
The changes will affect the timescale for payment and the tax relief you can claim. Previously, if you once lived in the home you now let out, you were eligible for ‘lettings relief’. This means that you didn’t pay tax for the years you lived at the property, plus the last 18 months you owned the property (regardless of whether you lived there or not during this time).

From April 2020 this was abolished – and landlords are now only be able to claim lettings relief if they share the property with their tenant.

It also limits the ‘final exemption period’ from 18 months to nine.

Also, from April 2020, landlords now need to pay the full amount of CGT owed on a sale within 30 days, whereas previously they had until the following tax year.

We hope you found this useful! More information can be found on the Government Website.

 

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About Charles Carter

Charles Carter Lettings & Property Management Services - Independent, Specialist & Local.  

We are independent letting agents with a personal service covering the three counties of Worcestershire, Gloucestershire & Herefordshire, all from our central Tewkesbury based offices.

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Address: 102 Church Street, TEWKESBURY GL20 5AB

Email: info@charlescarterlettings.co.uk

Call Us:
Tewkesbury & Malvern: 01684 292154
Cheltenham: 01242 279666
Evesham: 01386 426183
Hereford: 01886 853 471
Worcester: 01905 388776