Residential Property Tax News!

23rd July 2019

 

Lettings Relief and Principal Private Residence Relief

 

Following my previous blog regarding the changes announced to the Principal Private Residence Relief (PPR) and lettings relief rules, the consultation period ended on 1 June 2019. You can view the consultation responses here.

 

HMRC have now published a policy paper on 11 July 2019, along with draft legislation and explanatory notes.  The two main changes, applying to disposals on or after 6 April 2020, are:

 

  • The final period exemption will be reduced from 18 months to just 9. Please note that this change does not affect the relief available for those who move out of their homes and into residential care; the relief in this situation remains at 36 months.
  • The reform will limit the availability of lettings relief and restrict it only to those who share occupation of the property with a tenant.

 

The proposal also makes some revisions to job related accommodation relief for the armed forces, legislates two extra-statutory concessions and, finally, clarifies the rules relating to the transfer of residential properties between spouses or civil partners.

 

30 Day Payment Window for Residential Property Gains from 6 April 2020

 

In addition to the above changes, taxpayers are also faced with the reduction to the tax payment window for residential property gains, to just 30 days from completion, for disposals from 6 April 2020.

 

Further details can be found here.

 

It’s all change for residential property! If you think you may be affected, or would like to discuss the impact of these changes in more detail, then please speak to your usual Whiting and Partners contact.

 

 



 
Other items in Blogs
 
Ian Piper
15th April 2021 2021 SME Growth: Revenge Spending?

As we pass the Covid-19’s first anniversary of its impact on our area’s economy, accounts of local SME’s are now starting to show part of the damage they have experienced through the lock-downs and associated restrictive measures. Thankfully, through Government financial help and the nimble footwork of businesses adapting to survive, the overall effect upon…

Read More »

Jaimie King
15th April 2021 Life after CBILS: The Recovery Loan Scheme

The government-backed Coronavirus Business Interruption Loan Scheme closed on 31st March to new applicants. Thankfully, the government has put in place further support for businesses, to follow this.   The Recovery Loan Scheme – Government backed loans, 3 months – up to 6 years depending on the product – Up to £10m, no cap on…

Read More »

Vanessa Pearson
26th March 2021 6 April: A Guide to Off-Payroll Working Tax Rules

The proposed new rules apply regarding who determines IR35 status for freelancers hired by medium and large companies are imminent. Our Brief Guide will help find out how this affects you and what you can do: A Brief Guide to Off-Payroll Working Blog entry by: Vanessa Pearson

Read More »

Ben Kilby
25th March 2021 I hear a rumour…

I hear a rumour that Lloyds Agricultural banking team based in Edinburgh has been disbanded and merged within other teams around the country. Although some within the new regional teams may have some knowledge of agriculture it has been suggested that customers felt that this was not important. It seems that the agricultural specialism within…

Read More »

Fiona Mann
24th March 2021 Making Tax Digital – the next steps

Our MTD Group have produced Issue 5 of their newsletter giving details of Making Tax Digital (MTD) as it continues.   So if you are unsure of what to do next, our newsletter has information and advice how to proceed.  Don’t delay however as penalties will be introduced if submission deadlines are missed.   W&P_MTD5…

Read More »

Amanda Newman
18th March 2021 Holding residential lettings in a company

There has been an ongoing debate since the government started to reduce tax relief available on mortgage interest that having property in a company could be more beneficial.   In order to transfer the property from personal ownership there could be a CGT charge depending on the difference in value from when you bought it…

Read More »