From 6 April, new capital gains tax rules will have a significant impact on the amount of capital gains tax paid by landlords, who will now need to pay it within 30 days
The UK’s buy-to-let landlord community has faced a barrage of tax changes over the last few years, as the government has looked to raise much needed tax revenue. However, the start of the new tax year brings in a raft of new rules which will hit landlords further, as the government looks to boost the Treasury’s coffers.
From 6 April 2020:
• the mortgage interest relief restriction takes full effect;
• if a landlord sells a property, they will only have 30 days to pay the capital gains tax (CGT); and
• changes to the main residence relief rules will increase the amount of CGT payable where the landlord has occupied the property concerned as their home at some point.
Landlords could be excused for overlooking these important changes, which were announced some time ago by previous governments.
