Capital Gains tax changes to be applied in April

Until now CGT has been paid on gains made through the sale of a property that isn’t the owners principal home.
Owners can also seek lettings relief if they once lived in the non-principal home themselves. However from April this is scrapped and landlords can only claim lettings relief if they share the property with the tenant.
Also from April, landlords will need to pay the full amount of CGT owed on a sale within 30 days. Currently they have until the next tax year to pay the CGT.

Mandatory CMP for Agents from April

New rules on money laundering have been extended to cover letting agents with an April 2020 deadline for agents to join an official Client Money Protection Scheme. There was a grace period agreed following technical problems with the original 2019 deadline.

Call the office for further information.