When a person sells a property that at some point in their ownership has been their main residence, they are entitled to relief on the final period of ownership.
However, a new measure was included in Autumn Statement 2013 to reduce the period of ownership for which this relief is available from 36 months to 18 months. It will effect where contracts for the sale of the property are exchanged on or after 6 April 2014. It is not intended to effect where contracts for the sale of the property are exchanged on or before 5 April 2014 and completed on or before 5 April 2015.
If you would like to find out more about this or would like any other assistance with your personal tax affairs, please feel free to contact your local TaxAssist Accountant.
By Jo Nockels
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