Is it time to sell your property?

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Budget 2018 changes to capital gains tax could trigger a higher capital gains tax bill for properties sold on or after 1 April 2020.

From 1 April 2020, the final 18 months deemed occupation period reduces to nine months. Some details are yet to be published by government but generally speaking if you are selling a house that you once lived in, but no longer do, then you may face significantly higher tax after 1 April 2020.

In addition if that house has been let out, then selling after 1 April 2020 could mean missing out on up to £40,000 of relief against any chargeable capital gain. Currently letting relief exempts up to that amount but changes will mean letting relief is denied unless the owner and tenant have shared occupancy of the property.

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Accountant

Chartered Certified Accountant with qualifications in Environmental Conservation. Specialising in Supporting sustainable business, social enterprise and charities.