Page 3 - November 2019 Newsletter :: Bullimores

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.

Contents
3