Homeowners, second homeowners and property investors who cannot rely on the principal private residence relief and sell a property face a tough new Capital Gains Tax (CGT) payment regime from 6 April 2020, law firm Collyer Bristow has warned.
The new rules will leave these individuals just 30 days to settle any tax due after completion instead of anywhere between 10 to 22 months under the current regime.
The change is little understood by homeowners and Collyer Bristow has cautioned second homeowners and investors that failure to comply could leave them open to stiff penalties.
James Cook, a private wealth par...