NEW CAPITAL GAINS TAX RESTRICTION

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It is hard to keep up with Government Steath taxing. I've only just published a newsflash on this website front page about a hard-hitting change for pensioners and now its time to warn those selling houses that may be subject to Capital Gains of a new restriction to tax saving if they sell their property after 6th April 2014. If you lived in, as principle residence, a house that was then let out (often happens when couples meet and one moves into the other's house and lets out their former home) then the last three years of ownership were counted as part of the excepted part of the gain. For sales made after 6th April 2014 that is now restricted to 18 months only, bringing more of the gain into tax.

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