New tax rules 20/21

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    New tax rules 20/21

    Hi,

    I’m well aware of the new limits to private residence relief and that Lettings relief is being abolished from 20/21. We have therefore been working towards an exchange of the property we are selling before the end of the current tax year. Everything was set for it to happen until one of the solicitors got sick in corona and it now looks like it will be impossible to exchange before the end of next week. This has severe financial implications for us missing out on PRR and LR.

    I have not found anything on the topic but does anyone know if there is any guidance on whether HMRC will allow an extension of the old tax rules due to the current crisis?

    Many thanks.

    #2
    I haven't seen anything about it.
    I would be putting a lot of pressure on getting that exchange done!
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

    Comment


      #3
      I would suggest that you or your MP write a letter to the HMRC and Chancellor of the Exchequer asking for the new limits on PPR and LR to start from April 2021 due to the coronavirus lockdown..

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