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The new rules for only or main residence relief.
KEY POINTS
- Capital gains tax extended to non-residents on the disposal of UK residential property from 2015.
- Eligibility for only or main residence relief depends on days spent in the property and country of residence.
- Final period relief depends on the whole period of ownership.
- Non-residents may make a main residence election on their non-resident capital gains tax return.
Only or main residence relief has existed since capital gains tax was introduced in 1965. The basic principles which are remarkably unchanged are:
- no part of the gain that accrues to an individual on the disposal of a dwelling house that has been their only or main residence throughout their ownership or throughout the period of ownership except for all or part of a specified final period...
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