When is a property sold for the purpose of CGT/Gift Tax?

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LDFerguson

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If someone is selling a property and there will be CGT & Gift Tax implications, when is the property considered "sold"? Is it when contracts are exchanged or when the transaction has closed?

He can exchange contracts before the Budget but might not be able to close before Budget Day. He's worried about possible increases in tax rates on Budget Day.
 
Only excise duty ie cigs,drink, fuel etc go up immediately after the Budget, as far as I know. Other changes apply generally from Jan 1st next year.

I'm pretty sure its the transaction closing date is the definitive date, not the contracts signed date, as technically the contract can still be cancelled up to then, albiet with the risk of losing deposit and being sued for closure.
 
For capital gains tax it is the date that the contract for the sale of the property was executed and not the actual conveyance when the property is deemed to be sold. CGT normally increases from Budget Day.

If the contract is conditional it is the date that the condition is satisfied is the date of sale.
 
CGT has in the past changed on the date of the budget. If there are no conditions in the contract then it is the date of the contract
 
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