RE: Tax Changes5 Oct 2020 20:51
Hi Shaunyy91, this is something I have tried to look into. As I understand it, but I could be wrong, it can be changed at any time, and the three scenarios are:
1. It could be changed for this tax year but this would be extremely unfair as the rates were set for the tax year in the budget last March. Unlikely it would be retrospective
2. It could be changed from tomorrow for all sales etc from that date. This causes complications in calculation and two different rates during the year, a nightmare for people and the Revenue.
3. Any changes start in the new tax year
Personally I believe option 1 is unlikely, 2 is very possible and 3 most likely. We have no way of knowing right now. As I said, I might have missed something but that is where my research led me as I have a large CGT bill from sales in April when I panicked over COVID! Hope that helps, although doubt it does as no one knows!!SD