Private Residents Relief – Changes

When houses became harder to sell the government brought in a relief for owners who basically had to buy a new house without selling their old one.

They allowed you 3 years to sell the old house without any reduction in the private residence relief for the capital gain on sale.

From April 2014 this period will be reduced to 18 months.

So if you own 2 or more houses and they are both potentially your residence then you might need to reassess which is your main one and let the tax man know.

Tax advice and bookkeeping in Cumbria? – Give me a call on 075 1391 7997

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