The new CGT rules on the sales of residential property will place enormous burdens on taxpayers, comments Jackie Hall (RSM).
In last month’s Autumn Statement we heard about the chancellor’s plans to advance the reporting and payment dates of capital gains tax on the sale of residential property under new legislation to have effect from April 2019.
CGT is currently reported and paid under self-assessment between ten and 22 months after the disposal takes place but as part of the drive towards personal digital accounts the proposal is for this timescale to be reduced to just 30 days.
With draft legislation due to be published in 2016 for consultation the announcement was short on detail leaving room for speculation as to how wide the provisions will be and what impact they may have for taxpayers.
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Home >Articles > New CGT reporting and payment dates
New CGT reporting and payment dates
The new CGT rules on the sales of residential property will place enormous burdens on taxpayers, comments Jackie Hall (RSM).
In last month’s Autumn Statement we heard about the chancellor’s plans to advance the reporting and payment dates of capital gains tax on the sale of residential property under new legislation to have effect from April 2019.
CGT is currently reported and paid under self-assessment between ten and 22 months after the disposal takes place but as part of the drive towards personal digital accounts the proposal is for this timescale to be reduced to just 30 days.
With draft legislation due to be published in 2016 for consultation the announcement was short on detail leaving room for speculation as to how wide the provisions will be and what impact they may have for taxpayers.
...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")