London: +44 (0)20 7236 2601
St Albans: +44 (0)1727 869141
Rickmansworth: +44 (0) 1923 771010
Milton Keynes: +44 (0)1908 605552

CGT on residential property

The long-established rule which allows an exemption from capital gains tax after a property ceases to be an individual’s main residence for the last 36 months of ownership is being changed.  The final period exemption is being halved to 18 months.

The change will apply to disposals after 6 April 2014, subject to a small exception for those who leave their property to go into long term care.  As part of the anti-avoidance provisions, the 18 month period will also apply where the sale contract is agreed before 6 April 2014 but is not completed until after 6 April 2015.

 

 

Date: 5th March, 2014
Author: Cathy Corns

SHARE THIS

Articles from this Author

Contact Business Service Partners

Choose from the drop down menu below to select a Partner to contact.

Tweet

Michael Lapham shortlisted in the Money Management Financial Planner Awards 2017 bit.ly/2fL8VXBtwitter.com/i/web/status/8…

#Farming trading as a #partnership potential #tax pitfalls and tips @mercerhole Phil Fenn insight shar.es/1SHZhc @accountancylive

Follow

LinkedIn

For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole

Click here to follow us on LinkedIn