Jump to content
House Price Crash Forum

Capital Gains Tax changes for Property


Recommended Posts

https://www.propertywire.com/news/buy-to-let-landlords-face-seismic-cgt-tax-change

"From April 6, anyone who sells a residential property giving rise to a capital gain on which CGT is payable, will be required to make a digital return to HMRC and to pay an estimate of the CGT due within 30 days from the sale completing.

People can no longer keep the money in their hands for up to 22 months after selling the property."

Link to post
Share on other sites

"The changes potentially affect owners of holiday homes, buy-to-let properties, main residences which have been let out at some point, owners of homes with grounds in excess of half a hectare, and owners of houses which have been partly used for business purposes.

The changes do not apply on the sale of a person’s main residence."

 

In my area of interest, I've started collecting rental ads.  If these houses come for sale, then HMRC will get an anonymous tip-off with the rental ad attached.

Link to post
Share on other sites
15 hours ago, msi said:

"The changes potentially affect owners of holiday homes, buy-to-let properties, main residences which have been let out at some point, owners of homes with grounds in excess of half a hectare, and owners of houses which have been partly used for business purposes.

The changes do not apply on the sale of a person’s main residence."

 

In my area of interest, I've started collecting rental ads.  If these houses come for sale, then HMRC will get an anonymous tip-off with the rental ad attached.

Assuming your aim is for HPC to happen and allow you to buy, you would be better with the tip off to HMRC before they are sold [believe they're not paying tax in full on rent - quote amount from ad].

If the local LLs get wind of having to pay / being reported [because they own several and you report the first one they sold], they will simply hold and continue to let it. No CGT if they don't sell [unless the law changes ??]

Link to post
Share on other sites
32 minutes ago, Locke said:

I have been wondering about this. What if the price of the house falls over the period in which it was let out? Can you claim back the negative gains tax?

I think you can offset other gains and carry forward the loss. Not sure but think there's a seperation in types of asset. I.e. you can't offset gains in stocks against losses in house price.

That may not be right, just vague recollection, I know the tax systems of various countries so may not have been UK I was recalling.

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.

  • 415 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.