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Scrutinising the autumn statement’s capital gains measures for residential property
KEY POINTS
- Problems in drafting of main residence relief will now come to the fore eg for separating couples.
- Retention of 36 months’ exemption when moving into a care home creates a perverse incentive.
- Non-residents with only one UK residence can make a main residence election.
- “Buy to leave” problem would more properly be dealt with by income tax.
There were two announcements in the autumn statement about capital gains tax and residences. One had been heavily trailed and the other came as something of a surprise. The expected one related to gains by non-residents while the unexpected one related to a particular aspect of main residence relief.
- Counting up and back down
- The unexpected change was to TCGA 1992 s 223(1)...
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