1st Friday
Tax Chat

Thinking of selling your former home?

Thinking of selling your former home?

Are you are thinking of selling your former home?

The profit you make on the sale of your home is exempt from capital gains tax. Currently the last three years of ownership are also ignored so as to give time for the owner to sell after moving out without losing the tax exemption.

This is to be reduced to 18 months from April 2014.

So if you retained a property and are relying on the three year relief to cover the gain on sale you may need to accelerate your plans.  It’s a good idea to take tax advice as there are other reliefs that can help to mitigate your tax liability such as your annual CGT exemption

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