RPGT Rates
Pursuant to the Finance Act 2021 gazetted on 31 December 2021, RPGT will no longer be imposed on property disposals by individual owners starting from the 6th year, with effect from 1 January 2022.
Retention Sum by Acquirer in relation to Disposal of a Chargeable Asset
Conclusion
With the abolishment of RPGT for the sale of properties held from 6th year onwards, we believe property owners will be motivated to upgrade to their desired house without any tax penalty. It is a long-awaited measure, as many see it as an unjust way to penalise long-term property owners on inflation and therefore this abolishment is very much welcomed by all.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
