Changes to ancillary reliefs in capital gains tax private residence relief: draft Finance Bill 2019-20, ICAEW REP 91/19, 5th September 2019

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In Folder: ICAEW Representations, 2019

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Changes to ancillary reliefs in capital gains tax private residence relief: draft Finance Bill 2019-20, ICAEW REP 91/19, 5th September 2019

ICAEW Tax Faculty response to HMRC's draft Finance Bill 2019-20 proposals on changes to ancillary reliefs in capital gains tax private residence relief. Addresses the reduction of the final exempt period to nine months, restriction of lettings relief to periods of co-occupation, and legislating extra statutory concessions; raises concerns about retroactive effect, pro rata gains in falling markets, interaction with 30-day CGT reporting, and drafting clarity for lettings relief. Recommends allowing HMRC discretion to extend the final period up to 21 months, removing retroactive impact, enabling banking of accrued lettings relief, and reforming main residence election rules under ESC D21. (AI generated description)

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description: ICAEW Tax Faculty response to HMRC's draft Finance Bill 2019-20 proposals on changes to ancillary reliefs in capital gains tax private residence relief. Addresses the reduction of the final exempt period to nine months, restriction of lettings relief to periods of co-occupation, and legislating extra statutory concessions; raises concerns about retroactive effect, pro rata gains in falling markets, interaction with 30-day CGT reporting, and drafting clarity for lettings relief. Recommends allowing HMRC discretion to extend the final period up to 21 months, removing retroactive impact, enabling banking of accrued lettings relief, and reforming main residence election rules under ESC D21. (AI generated description)

title: Changes to ancillary reliefs in capital gains tax private residence relief: draft Finance Bill 2019-20, ICAEW REP 91/19, 5th September 2019

creator: Tax Faculty

creator: ICAEW

subject: Taxation

subject: CGT

subject: Property taxation

subject: Main residence

publisher: ICAEW

date: 2019-09-05

type: Text

format: pdf

language: en