In today’s Budget the Chancellor made many headline announcements.
Hidden in the detail was one that will make a difference to anyone (UK and non-UK resident) who is planning to sell, or dispose of UK land or a property that is not their main home.
Previously you had to file a CGT return within 30 days of the sale, disposal or transfer of a UK property or land. To do this you had to gather documentation to support the CGT calculation and make the CGT payment.
If you complete the sale, disposal or transfer of a property (that is not your main home) on or after 27 October you now have to make this submission within 60 days.
This new measure also provides clarity on the rules for mixed use property (only applicable to UK residents)
If you have any questions please contact us for further advice.