Big changes to Capital Gains Tax for property owners. October 2018’s budget announced two big changes to capital gains tax relief for homeowners. The two areas affected are CGT relief for the final period of ownership and lettings relief. Private residence relief: the final period of ownership Currently, relief from capital gains tax on the sale of a property (principal private residence) is valuable tax relief available to both individuals and trustees. It allows all the sale proceeds, (subject to rules and restrictions), to be carried over into the purchase of the new property without a proportion being taken out […]
Monthly Archives: February 2019
The start of a new year is the perfect time to plan the year ahead, putting into action those new year resolutions. However, January 31st is also the deadline for Self Assessment Tax Returns. This means that January is a time that many self-employed people dread, putting a dampener on the New Year buzz. Self assessment tax returns inevitably take much longer than you initially anticipated, no matter how closely you kept a record of your income and expenditure throughout the year. When you sit down to the task of calculating what you owe or even how much you are […]