Capital Gains Tax Deadline Changed

From the 6th April 2020, new rules on taxation for the disposal of residential property came into effect, changing the deadline for submission and payment. Previously, where a property forming part of an estate was sold resulting in gain eligible for Capital Gains Tax, the individuals or trustees managing the estate had a long deadline to report this to HMRC and make payment. The deadline before 6th April 2020 was 31st January following the end of the tax year of the disposal of the property, which in some cases could result in a period of up to 21 months before payment was due.

The changes in rules now require that UK residents who dispose of UK residential property from 6th April 2020 have 30 days from the completion of the sale to report the Capital Gains Tax and complete payment. This refers to the conclusion of missives, not the final settlement, so in some cases may result in the seller requiring to pay the CGT before receiving settlement funds.

Non-Essential Trips to Scotland Could Break Law

The First Minister, Nicola Sturgeon, has stated that Scotland remains in lockdown, despite plans to gradually ease restrictions in England. She has advised that restrictions would be gradually relaxed as infections rate fell, but that it was vital to do this carefully so as not to jeopardise the progress made so far. Essential travel is still permitted, however she had stressed that it is not acceptable to travel into Scotland to visit beauty spots or for leisure purposes.