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2020 vision
Key points
- Proposed changes to only or main residence relief include reduction to the final period exemption.
- Lettings relief will be restricted from April 2020.
- Illustrations of a property sale being delayed until after 5 April 2020.
- The importance of providing potentially affected clients with advance notice of the proposed changes.
- Property owners may want to obtain vacant possession before selling.
In March 2019 the government announced changes to the period of deemed only or main residence relief that would apply on the disposal of a property that was previously the taxpayer’s main residence (tinyurl.com/yyonpzsq). The deemed period will reduce from the final 18 months of ownership to only nine months after March 2020. Draft clauses were published on 11 July.
Further and what is of a greater impact to many taxpayers will be the restriction of lettings relief for disposals made after March 2020. Lettings relief is useful because...
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