Page 3 - November 2019 Newsletter :: Bullimores
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01306 880880    www.bullimores.co.uk








          Personal tax on property affected by Budget

          proposals from 6th April 2020








































          The full Budget in November 2018 was never enacted, but   Therefore, if you are thinking of selling a property that
          it is possible that some proposals will be passed quickly as   qualifies now for the reliefs available pre April 2020, it
          part of the 2019 FInance Act effective in April 2020:   might be worth considering a sale in the new few months.
                                                                 If you have other losses that can be crystalised, doing this
          •     Lettings Relief may only be given if you have shared
            occupancy of the premises with your tenant,  effectively   before a property sale that is after April 2020 may reduce
            abolishing lettings relief for many landlords with let   the tax payable.
            properties.                                          These measures may never be passed but we shall be
                                                                 happy to help with any calculations if this might affect you.
          •     The period of claim for Private Residence Relief may
            be reduced. So that on the sale of a property that has
            been your only or main residence and then let, only
            the last 9 months of ownership of that property after
            you have moved out of it may qualify for relief. At the   Teacher: Why do you always get so dirty?
            moment, the period eligible for relief is 18 months.    Pupil: Well, I’m a lot closer to the ground than you are.
            Where the taxpayer is moving into a nursing or care
            home, the period eligible for relief may remain at 36
            months.                                                 Teacher: Name one important thing
          •     From 6th April 2020, you may be required to submit   we have today that we  didn’t
            a provisional calculation of the gain on the sale of    have ten years ago.
            residential property within 30 days of completion       Pupil: Me!
            and pay the tax due. You will have to wait until the
            submission of your tax return before you can fully
            adjust for any tax that is due or recoverable.





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