Residential property and capital gains tax: changes afoot for non-UK residents and multiple-home owners
By Ian Bradshaw
Capital gains tax (CGT) has found itself in the spotlight in recent weeks, owing to two significant changes to the CGT and residential property landscape. First, the government has moved to limit the final period exemption that allowed those owning more than one residential property to reduce CGT on second homes. Secondly, looking forward, plans to extend the CGT regime to non-UK residents selling UK residential property appear to be going ahead, and are set to be in force from April 2015. We take a look at these reforms in more detail.
If you own a property and it remains your main residence for the entire period of ownership, there will be no CGT payable upon a sale. If you own more than one property, partial CGT relief is available in respect of the periods of time in which the property to be sold was in fact your main residence.
Previously, the final 36 months of ownership before sale were deemed a period of residence, as long as the property had at some time been your main residence. This allowed the individual to move house before selling the property without losing the full benefit of the CGT relief…
Click on the link below to read the rest of the Goodman Derrick briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Goodman Derrick
Briefings from Goodman Derrick
Goodman Derrick considers the background to Wyatt v Vince and the legal issues raised by it.
Where a project is governed by a JCT form of contract, the Final Certificate is intended to ensure that disputes arising after practical completion are resolved with a degree of finality and speed.
Analysis from The Lawyer
Active financial management is vital, but with firms looking more closely at the process of debt and fee collection, the personal touch still counts
The lure of the law can kick in at any stage of life. We speak to four individuals who have made a radical switch to a legal career