The following Personal Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
When the non-resident capital gains tax (NRCGT) rules were first introduced in respect of residential property in April 2015, for compliance purposes non-residents were divided into two groups: those within self assessment and those not within self assessment.
Whilst both groups needed to file a NRCGT return within 30 days after the date of conveyance of the property, only those outside of the self assessment regime were required to make a tax payment by the same deadline. Those within self assessment did not need to make a tax payment until the normal due date under self assessment (ie 31 January after the end of the tax year). Understandably, this led to confusion for both taxpayers and advisers and in 2015 the Chancellor committed to introducing a 30-day deadline for all.
This deadline applied to those within the (widened) NRCGT regime with effect from 6 April 2019, and it applied to UK residents disposing of UK residential property with effect from 6 April 2020. Note that it was announced in Autumn Budget 2021 that this deadline is extended to 60 days for disposals that complete on or after 27 October 2021. The extension applies to disposals by both UK residents and non-residents and it follows a recommendation by the Office of Tax Simplification in May 2021.
This regime should not be confused with the real time transaction tax return, which is a voluntary means of reporting the chargeable gain or allowable loss on
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
Notices of coding are the means by which HMRC notifies both the employee and the employer of the tax code to be applied to the employee’s earnings. There are several types of coding notice, as detailed below. Only one of these types of notice, form P2, is sent to the employee, the others are sent to
Universal credit is a non-taxable benefit that is administered by the Department of Work and Pensions (DWP) and is available throughout the UK. It is available to individuals on low incomes whether they are in work, unemployed or self-employed. It is designed as a replacement for several ‘legacy
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marked the end of the Brexit transition / implementation period entered into following the UK’s withdrawal from the EU. At this point in time, key transitional arrangements came to an end and significant changes began to take effect across the UK’s
Current year relief and carry back lossesCurrent year relief for trading lossesTrading losses can be offset against total profits of the same period. Total profits covers, for example, chargeable gains or non-exempt dividends.The maximum claim for relief is the lower of the available loss or the