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A merry dance
Over the past few months I have received several emails from various firms reminding me of the forthcoming changes to the capital gains tax rules on only or main residences. These all seem to concentrate on two aspects:
- the reduction in the exempt final period of ownership from 18 to nine months; and
- the change to the potential £40 000 lettings relief whereby this will be available only if the owner continues to live in the same property as the tenant.
Obviously these are important changes and I suspect that tax advisers will have reviewed the files of their clients – particularly those who are letting properties that have previously been their only or main residences – to warn them of these changes and the reduced tax relief that will result. As an aside ...
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