Tax and residential lease extensions

Mark Cawthron LLB CTA examines the tax implications of residential lease extensions and the changes to the tax reporting and payment rules for disposals of UK residential property

One of the features of life over the last 12 months or more has been that many of us have had the opportunity, or have felt it necessary, to devote more attention to our own financial affairs.

There has, it is reported, been a very large increase in individuals making Wills. Rather less mainstream but also finding its way onto people’s agendas – or at least the agendas of those who own flats – has been the subject of residential lease extensions. This partly coincides with anticipated legislative change in this area, following the Government’s announcement of prospective reforms made in January 2021.

This

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