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MARK ACKRILL highlights potential pitfalls in only or main residence relief
KEY POINTS
- Defining the dwelling-house and what it includes.
- The two-year election period.
- The exemptions for deemed residences.
- Periods of ownership and use.
- Expenditure to realise a gain.
In his March Budget the Chancellor confirmed that the government will consider some of the areas of tax that the Office of Tax Simplification suggested could be made less complicated.
One of these is the relief from capital gains tax for the only or main residence which has long been a valuable exemption for many taxpayers especially to those for whom this is their most valuable asset.
Most practitioners are familiar with the basics of the only or main residence relief which applies to ‘a dwelling-house or part of a dwelling-house which...
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