Main changes announced or confirmed yesterday in the Autumn Statement
- Currently individuals can claim lettings relief against any gain realised on the sale of a residential property where it has been their home and they have also let it out. From April 2020, lettings relief will only be available for any period where you lived in the property with the tenant. In addition to this, the government have announced a reduction in the deemed period of occupation from the last 18 months to the last 9 (with some exceptions for individuals with disabilities or moving into care homes). This is the second reduction in this deemed period as it used to be 36 months.
- SDLT first time buyer relief is being extended to include purchases under the shared ownership scheme. A retrospective claim can be made where an individual purchaser would have qualified for the relief before the rules came in.
- On account Capital Gains Tax payments following the sale of a residential property will come into force from 6 April 2020.