Time Frame for Tax Payments Set to Change

From April 2020 the way Capital Gains Tax is paid on residential property sales is set to change. Property owners will no longer have until the Self Assessment deadline of 31 January following the end of the tax year of sale to pay any liabilities arising.

Instead HMRC are introducing a payment window requiring that a Capital Gains Tax payment on account is paid within 30 days of the disposal. The legislation is due to be brought into the 2018-19 finance bill and highlights the need for effective communication between clients and agents.

The content of this article is for general information only and does not constitute tax advice. It should not be relied upon and action which could affect your business should not be taken without appropriate professional advice.

Written by Danny Henville ACCA

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