This post has been superseded with an update you can find here: www.ashgates.co.uk/news/updated-coronavirus-bbls-05-05-20
The following is our understanding of this policy and how this will work based on the information published up to and including Midday on 15 April. It should not be relied on for final advice at this stage but is intended to give an indication of how the scheme will work.
Legislation has been enacted to change reporting obligations for residential property gains chargeable on UK resident individuals, trustees and personal representatives. Also introduced is a requirement to make a payment on account of the associated capital gains tax (CGT) liability.
With effect from Monday 6 April 2020 the CBILS has been significantly expanded and changes made to the Scheme’s features and eligibility criteria including a relaxation re personal Guarantees.
The Chartered Institute of Taxation has published a guide to help employers and employees understand tax matters around working from home.
The guide can be downloaded here.
If you have any questions on this please let us know.
Following some initial confusion, HMRC has now updated its advice for businesses and individuals affected by coronavirus to make clear that the six-month income tax self-assessment deferral for payments due in July applies to all taxpayers, and not just those who are self-employed as originally stated.