Court of Appeal Sets Aside Financial Remedy Order
The Court of Appeal has upheld a man’s argument that the financial remedy order made on his divorce should have been set aside because the wife had given inaccurate evidence...
Continue readingThe UK tax system has traditionally exempted any profit on the sale of a person’s principal private residence (PPR) from Capital Gains Tax (CGT). The exemption applies to make any gain accruing during periods of use as a PPR exempt from charge.
A property which has been used as the actual PPR for part of the period of ownership, but not all, may therefore attract a charge to CGT.
One valuable relief is that the last three years of ownership of a property have been deemed to be a period of actual residence whether or not the owner(s) actually resided there.
With the logjam in the property sales market now clearing, the Chancellor of the Exchequer sprung a surprise in his recent Autumn Statement by reducing the ‘deemed actual residence’ period to 18 months for sales which take place after 5 April 2015.