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Tuesday, May 03, 2011

Three year CGT rule

For those accidental landlords out there worried about any Capital Gains tax liabilities here's a reminder of the "three year " rule that was so kindly introduced by that cuddly rottweiler, Norman Tebbit back in the eighties.

"It means that if someone else rents your own main property, for tax purposes, the last three years of any period of ownership are treated as though you were still living there, and thus still qualify for tax-free status," says Patrick Stevens, tax partner at Ernst & Young accountant.

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1 comment:

Anonymous said...

Hi - can you please tell me from what point the gain is calculated on the sale of a property that used to be your main residence. Is it Market value at the end of the 3 year rule - deducted from the sale of the property at any time ?