Know about market updates

Changes to capital gains tax – April 2020

Changes to capital gains tax – April 2020

England and Wales

Capital gains tax (CGT) must be paid by anyone selling a property that isn’t their main residence.

Currently, capital gains tax is paid through your self-assessment tax return – meaning that property sold in the 2018/19 tax year would not need to be declared until January 2020.

This year, the rules are changing. As of April 2020, property sellers will need to pay the full amount of CGT owed within 30 days of their completed sale.

At the moment, the costs will stay the same (18% for basic rate taxpayers and 28% for higher rate taxpayers) however, landlords and property investors will need to be wary of the new time frame.

Leave a Reply

Your email address will not be published. Required fields are marked *