Caroline Le Jeune, Head of Private Client
The sale of the family home is usually exempt from Capital Gains Tax. However, reducing the period that continues to qualify for relief once the owner has moved out from 18 to nine months, is extremely unhelpful when the property market is so slow. This has the potential to bring genuine sales of family homes at least partly within the scope of tax.
Loss of letting relief could cost couples £22,400 in tax.
Another Budget and another tax hit for landlords – now the £40k relief on sale will be scrapped, except for rent-a-room properties.
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