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Tax changes relating to property

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By Caroline Foulger

Changes to reporting and paying Capital Gains Tax (CGT)

Something we have been expecting for a long time is a reduction in the timescale for paying CGT on residential property. Currently, if I sell a house now, which is not my Principal Private Residence - therefore the gain is not tax-free - the tax will not be due for payment until 31 January 2020, some 18 months after the sale. Draft legislation has been published to require a CGT Return and payment to be submitted  within 30 days of completion.

There is a consultation on this (and other proposals for the 2019 Finance Bill) so if you have an interest in this area, have your say here.

Non-Residents and Capital Gains

Since 6 April 2015, Non-Residents have been taxable on gains made on UK residential property (but only on gains from that date) with a 30 day pay and file system in place. From 6 April 2019, UK CGT will be due on all UK land and buildings gains made by Non-Residents.

Stamp Duty Land Tax (SDLT)

A further property-related proposal is to reduce the payment deadline for SDLT from 30 days to 14 days. The 30 day deadline is usually manageable but 14 days may cause problems, especially if there are queries over how to calculate this increasingly complex tax.

The property market has been something of a ‘cash cow’ for the Treasury and it seems that it is still an easy target for revenue-raising and, with the measures above, improving cash-flow.

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