BREAKING: Landlords given a month longer to pay CGT bills, budget reveals

Landlords have been given longer to pay their Capital Gains Tax (CGT) on residential property gains from ©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - BREAKING: Landlords given a month longer to pay CGT bills, budget reveals | LandlordZONE.

BREAKING: Landlords given a month longer to pay CGT bills, budget reveals

Landlords have been given longer to pay their Capital Gains Tax (CGT) on residential property gains from 30 to 60 days, Chancellor Rishi Sunak has announced in his Autumn budget.

The measure, which takes effect immediately but was hidden in the budget statement’s lengthy accompanying detail, applies to UK residents who are selling residential property within England.

For non-UK residents disposing of property in the UK, this deadline will also increase from 30 to 60 days.

“This will ensure that taxpayers have sufficient time to report and pay CGT, as recommended by the Office of Tax Simplification,” the Chancellor’s post-budget guidance says.

“When mixed-use property is disposed of by UK residents, legislation will also clarify that the 60-day payment window will only apply to the residential element of the property gain.”

Previously, those reporting and paying tax on CGT had much longer – until the end of the tax year.

The Association of Accounting Technicians () says it has been lobbying for the past 18 months for this change.

It has highlighted member concerns that 30 days was not long enough, saying: “The process is reliant on clients setting up a CGT account online – which can take at least two weeks – within 30 days,” says its Head of Public Policy Phil Hall.

“Agents are not able to do this for their clients, which means this deadline is often missed, particularly around Christmas.

“It’s a common-sense measure that helps taxpayers and their accountants whilst maintaining increased revenue for the Exchequer.

“I am very pleased that HM Treasury and HMRC took on board the views of our members and changed their position accordingly.”


©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - BREAKING: Landlords given a month longer to pay CGT bills, budget reveals | LandlordZONE.

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Landlord duo who charge tenants 20p a shower are refused HMO licence

A landlord couple have been refused an HMO licence renewal after admitting they charged tenants 20p to ©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - Landlord duo who charge tenants 20p a shower are refused HMO licence | LandlordZONE.

Landlord duo who charge tenants 20p a shower are refused HMO licence

A landlord couple have been refused an HMO licence renewal after admitting they charged tenants 20p to use the shower.

Glasgow councillors heard that Elinor and Jim Johnstone installed a coin meter in the four-bed HMO in Cartvale Road, Langside (pictured), and would travel from Inverness to empty it every couple of months.

They told the licensing and regulatory committee that 20p would give tenants 20 minutes in the ‘pay as you go’ shower.

A Glasgow Council inspection found seven issues at the property, including the lack of a carbon monoxide detector and a kitchen in one bedsit needing to be thoroughly cleaned, redecorated and the floor covering replaced. The property has been operating as a licenced HMO since at least 2008.

Three bedrooms also required modernising if the licence was granted in the future.

Disappointment

Councillors quizzed the pair over the regime for checking the property and they admitted the routine would involve travelling. Expressing disappointment, committee chair councillor Alex Wilson asked: “Did you just empty the coins and walk away?”

Councillor Rhiannon Spear (pictured) said she couldn’t believe her ears when she heard people paid to wash every time.

She added: “Renting to anybody in Glasgow is an absolute privilege. I’m not sure you understand the responsibility and are keeping up with the responsibility.”

Pointing to Covid as an issue, Mr Johnstone told them: “We have not been able to get down and do the inspections we would have in the past. We hold our hands up. We got it wrong this time. Things will improve – we are happy to admit that.” He added that a letting company would now be hired to manage the property.

©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - Landlord duo who charge tenants 20p a shower are refused HMO licence | LandlordZONE.

Source : Landlord Zone More   

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