Private residence relief changes

I believe I read that the period granted for private residence relief was going to reduce- could you remind me what the changes were please?

1st March 2014

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

Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

Call us today to make an appointment at your local office

0800 0523 555

Or submit an enquiry