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Issue:
4451
/
Categories:
Comment & Analysis
, Holiday homes
, Capital Gains
, Only or main residence
Quirks of capital gains tax on holiday homes
KEY POINTS
- The problems with defining exactly what a residence is for capital gains tax relief.
- Reduction in the final period of ownership for main residence relief.
- The suggested alternative methods of determining which property qualifies for relief.
- Transfer of property between couples and the implications of having made an election.
- Interaction of main residence relief letting and other reliefs.
Anthony and Cleo are a married couple and own two properties. Grimy Towers is in London and the other is a holiday home called Pyramid View which rather strangely is in Rome.
Like most people they do not understand why they should pay any capital gains tax on either property if they decide to sell one. Sadly I had to tell them that some disaster lay ahead on...
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