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HMRC is consulting on changes to capital gains tax lettings reliefs and the final period exemption for only or main residence relief as announced in the 2018 Budget.
The government intends to amend the legislation so that only or main residence relief (TCGA 1992 s 222) is more targeted at owner-occupiers. The changes are:
- the final period exemption will be reduced from 18 months to nine months although the special rules that give those with a disability and those in care an exemption of
36 months will not change; and - lettings relief will be reformed so that it applies only when an owner is in shared occupancy with a tenant.
These measures will take effect from 6 April 2020.
The consultation sets out the changes in more detail and invites views on how they will work in practice. It also asks for comment on some technical aspects of the only or main residence...
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