Changes are being implemented to Capital Gains Tax (CGT), which will impact individuals with multiple properties.
Donna McCreadie, partner at Perrys Chartered Accountant, explained the changes to reporting on residential properties.
Of course, CGT only applies to properties that are additional to the one that the seller lives in, their main home being covered by Private Residence Relief (PRR), which negates the CGT.
Currently CGT liability is declared on self-assessment tax returns, with the tax due by 31 January following the tax year in which the sale takes place.
However, for sales from 6 April 20...