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In an interesting move by The Chancellor, he announced the intention to accelerate the payment of Capital Gains Tax (CGT). It would appear that 31 January following the tax year in which the capital gain is made is too long.
From April 2019, a payment on account of any CGT due on the disposal of residential property will be required to be made within 30 days of the completion of the disposal.
This will not affect gains on properties which are not liable for CGT due to Private Residence Relief. The government will publish draft legislation for consultation in 2016. (Finance Bill 2017)
Is this another swipe at landlords or just an attempt to bring UK resident CGT payers in line with non-residents who dispose of UK residential property? Exactly how to calculate this payment on account will be explained in the Finance Bill.
With a little advanced planning, landlords can manage their CGT liability significantly.
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