{"id":19672,"date":"2019-10-24T16:05:51","date_gmt":"2019-10-24T16:05:51","guid":{"rendered":"https:\/\/smh.group\/?p=19672"},"modified":"2023-02-15T13:45:09","modified_gmt":"2023-02-15T13:45:09","slug":"upcoming-changes-to-property-taxation","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/","title":{"rendered":"Upcoming changes to Property Taxation"},"content":{"rendered":"\n<p>From\nApril 2020, there will be some changes to the way property tax is collected by\nHMRC.<\/p>\n\n\n\n<p>Here\u2019s a breakdown of what you need to be aware of:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Example 1<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Current Legislation<\/h3>\n\n\n\n<p>The last 18 months of ownership for a residential property are ignored for capital gains tax purposes if the home has been occupied as your private residence at any given time (in addition to any actual periods of occupation also being ignored).    <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">New legislation from April 2020<\/h3>\n\n\n\n<p>From April 2020 this will reduce to the last 9 months of ownership (and any actual periods of occupation).    <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Consideration<\/h3>\n\n\n\n<p>Properties that will have capital gains which have been occupied as your private residence may benefit from extended tax relief if sold prior to April 2020.    <\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Example 2<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Current Legislation<\/h3>\n\n\n\n<p>If your residential property has been occupied by you as your private residence and has been let at any time, or is let when you sell it, you can claim a letting relief that can make a significant impact on any Capital Gains Tax you have to pay.    <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">New legislation from April 2020<\/h3>\n\n\n\n<p>From April 2020 you will only be able to take advantage of this lettings relief if you are in shared occupancy with your tenant.  <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Consideration<\/h3>\n\n\n\n<p>Properties that will have capital gains which have been occupied as your private residence and let out to tenants at some point may benefit from extended tax relief if sold prior to April 2020    <\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Example 3<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Current Legislation<\/h3>\n\n\n\n<p>75% of residential finance charges is disallowed as a property business expense and is replaced with a basic rate (20%) tax credit.    <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">New legislation from April 2020<\/h3>\n\n\n\n<p>From April 2020, all finance costs incurred by UK residents as a result of letting a residential property will be disallowed as an expense of their property business and replaced with a basic rate (20%) tax credit.  <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Consideration<\/h3>\n\n\n\n<p>Extra tax could be payable on your 2020\/21 tax return \u2013 payable by 31 January 2022.&nbsp;     <\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Example 4<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Current legislation<\/h3>\n\n\n\n<p>Non UK residents that sell land or property in the UK have to prepare a formal Capital Gains Tax computation, return this to HMRC, and pay any tax due within 30 days of the sale.    <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">New legislation from April 2020<\/h3>\n\n\n\n<p>From April 2020 this will also apply to UK residents who sell land or property in the UK.     <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Consideration<\/h3>\n\n\n\n<p>In some cases <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/chartered-accountants\/taxation\/capital-gains-tax\/\">capital gains tax<\/a><\/span><\/strong> associated with property sales would not be payable to HMRC until 18 months after the sale.&nbsp;This timeframe will be cut to 30 days from April 2020.     <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>As ever, <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/chartered-accountants\/taxation\/property-taxation\/\">property taxation<\/a><\/span><\/strong> can be a complex area. If you are letting or selling a residential property in the UK, or plan to do so during the new tax year from 6 April 2020, and would like further advice on how to calculate what tax will be due please contact your local account manager, or contact us on <strong>0114 266 4432<\/strong> or <strong><span style=\"text-decoration: underline;\"><a href=\"mailto:info@smhca.co.uk\">info@smhca.co.uk<\/a><\/span><\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From April 2020, there will be some changes to the way property tax is collected by HMRC.<\/p>\n","protected":false},"author":4,"featured_media":18001,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3,4],"tags":[199,69,11,381,262,382,19],"class_list":["post-19672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","category-chartered-tax-advisers","tag-accountancy","tag-capital-gains-tax","tag-hmrc","tag-legislation","tag-property-tax","tag-residential-property","tag-tax"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Upcoming changes to Property Taxation - SMH Group<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Upcoming changes to Property Taxation - SMH Group\" \/>\n<meta property=\"og:description\" content=\"From April 2020, there will be some changes to the way property tax is collected by HMRC.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/\" \/>\n<meta property=\"og:site_name\" content=\"SMH Group\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-24T16:05:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-15T13:45:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/11\/Self-Assessment-FI-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"585\" \/>\n\t<meta property=\"og:image:height\" content=\"250\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Brendan Hall\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Brendan Hall\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/\"},\"author\":{\"name\":\"Brendan Hall\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\"},\"headline\":\"Upcoming changes to Property Taxation\",\"datePublished\":\"2019-10-24T16:05:51+00:00\",\"dateModified\":\"2023-02-15T13:45:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/\"},\"wordCount\":464,\"image\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/11\/Self-Assessment-FI-1.jpg\",\"keywords\":[\"Accountancy\",\"Capital Gains Tax\",\"HMRC\",\"legislation\",\"Property Tax\",\"residential property\",\"tax\"],\"articleSection\":[\"SMH Accounting &amp; Business Advisory\",\"SMH Chartered Tax Advisers\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/\",\"name\":\"Upcoming changes to Property Taxation - SMH Group\",\"isPartOf\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/11\/Self-Assessment-FI-1.jpg\",\"datePublished\":\"2019-10-24T16:05:51+00:00\",\"dateModified\":\"2023-02-15T13:45:09+00:00\",\"author\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\"},\"breadcrumb\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/#primaryimage\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/11\/Self-Assessment-FI-1.jpg\",\"contentUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/11\/Self-Assessment-FI-1.jpg\",\"width\":585,\"height\":250,\"caption\":\"Self Assessment\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/devstagesite.co.uk\/smhgroup\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Upcoming changes to Property Taxation\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#website\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/\",\"name\":\"SMH Group\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/devstagesite.co.uk\/smhgroup\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\",\"name\":\"Brendan Hall\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g\",\"caption\":\"Brendan Hall\"},\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/author\/brendan-hall\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Upcoming changes to Property Taxation - SMH Group","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_GB","og_type":"article","og_title":"Upcoming changes to Property Taxation - SMH Group","og_description":"From April 2020, there will be some changes to the way property tax is collected by HMRC.","og_url":"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/","og_site_name":"SMH Group","article_published_time":"2019-10-24T16:05:51+00:00","article_modified_time":"2023-02-15T13:45:09+00:00","og_image":[{"width":585,"height":250,"url":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/11\/Self-Assessment-FI-1.jpg","type":"image\/jpeg"}],"author":"Brendan Hall","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Brendan Hall","Estimated reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/#article","isPartOf":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/"},"author":{"name":"Brendan Hall","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e"},"headline":"Upcoming changes to Property Taxation","datePublished":"2019-10-24T16:05:51+00:00","dateModified":"2023-02-15T13:45:09+00:00","mainEntityOfPage":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/"},"wordCount":464,"image":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/#primaryimage"},"thumbnailUrl":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/11\/Self-Assessment-FI-1.jpg","keywords":["Accountancy","Capital Gains Tax","HMRC","legislation","Property Tax","residential property","tax"],"articleSection":["SMH Accounting &amp; Business Advisory","SMH Chartered Tax Advisers"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/","url":"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/","name":"Upcoming changes to Property Taxation - SMH Group","isPartOf":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#website"},"primaryImageOfPage":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/#primaryimage"},"image":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/#primaryimage"},"thumbnailUrl":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/11\/Self-Assessment-FI-1.jpg","datePublished":"2019-10-24T16:05:51+00:00","dateModified":"2023-02-15T13:45:09+00:00","author":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e"},"breadcrumb":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/#primaryimage","url":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/11\/Self-Assessment-FI-1.jpg","contentUrl":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/11\/Self-Assessment-FI-1.jpg","width":585,"height":250,"caption":"Self Assessment"},{"@type":"BreadcrumbList","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/upcoming-changes-to-property-taxation\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/devstagesite.co.uk\/smhgroup\/"},{"@type":"ListItem","position":2,"name":"Upcoming changes to Property Taxation"}]},{"@type":"WebSite","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#website","url":"https:\/\/devstagesite.co.uk\/smhgroup\/","name":"SMH Group","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/devstagesite.co.uk\/smhgroup\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Person","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e","name":"Brendan Hall","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g","caption":"Brendan Hall"},"url":"https:\/\/devstagesite.co.uk\/smhgroup\/author\/brendan-hall\/"}]}},"_links":{"self":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/posts\/19672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/comments?post=19672"}],"version-history":[{"count":1,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/posts\/19672\/revisions"}],"predecessor-version":[{"id":24200,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/posts\/19672\/revisions\/24200"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/media\/18001"}],"wp:attachment":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/media?parent=19672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/categories?post=19672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/tags?post=19672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}