Freebies
1st Friday
Tax Chat
News
App

Tax exemption for main residence to be withdrawn for all ?

Tax exemption for main residence to be withdrawn for all ?

The Gov’t announced plans in the Budget to remove the exemption from capital gains tax on the sale of the main residence for non-UK residents.

Further consultation in under way to determine the best way to achieve this for the proposed start date of April 2015.

Rumours are now circulating that the final measure will also apply to all UK taxpayers also to avoid discrimination against EU residents.

It seems very unlikely that all UK taxpayers will be subject to tax on the sale of their home but it may become necessary to make an election to retain this…watch this space for further details.

Share Button