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Final period exemption confirmed as nine months for main residence sales

15 July 2019
Issue: 4704 / Categories: News

Changes to the capital gains tax only or main residence relief when individuals have more than one residence will proceed as announced in the 2018 Budget. The government has confirmed the final period exemption will be reduced from 18 months to nine although the 36 months available to disabled persons or those in a care home is retained. 

In addition lettings relief will apply only when the owner of the property is in shared occupancy with a tenant.

Other measures include:

  • extending job related accommodation relief to serving members of the armed forces who receive an accommodation allowance;
  • clarification of the rules concerning the transfer of residential properties between spouses or civil partners – a late nomination of which of two or more residences should be treated as the main residence after the two-year statutory time limit from the acquisition of the last residence is to be allowed. This legislates the current extra-statutory...

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