Capital gains tax proposals

Hillier Hopkins LLP

Chartered Accountants & Tax Advisers

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Significant changes to two Capital Gains Tax reliefs were proposed in the 2018 Budget and are due to come into place from 6 April 2020. These are:-

  • Lettings relief – it is proposed that this will only be allowable where the owner is in shared occupancy with the tenant; and
  • Principal Private Residence Relief – currently this is also available for the last 18 months of ownership but this 18 month period will be reduced to 9 months.

This means that where you are letting a former home, you may be entitled to less Capital Gains Tax exemption than you expect should the proposals become legislation.

If you would like to discuss how these proposals affect you, contact Antony Smith or get in touch on 0330 024 3200 or hi@hhllp.co.uk.

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Antony Smith

Antony has extensive knowledge of UK and international tax, offshore structures and trust and estate planning. His particular focus is on long term wealth planning for families and finding tax efficient solutions to complex situations.

Contact Antony at antony.smith@hhllp.co.uk or on 020 7004 7148