Most people who only own one property which is their main home avoid capital gains tax on the increase in value when they sell because of the availability of principal primary residence relief.
Most people who only own one property which is their main home avoid capital gains tax on the increase in value when they sell because of the availability of principal primary residence relief. However, people who are selling a property which has not been their main residence throughout their ownership may have to pay capital gains tax on the increase in value when they sell.
From April 2020 new rules will mean that UK residents with a capital gains tax liability will have to report the gain and make a payment on account for the tax within 30 days of completion of the sale and they will no longer be able to leave it until they complete their tax return for the year.
If you are thinking of selling a property please contact our property team.
The information given on our website and blog is of a general nature and may not be relied upon as legal advice as every case will be different to some extent. We would need information regarding specific circumstances and requirements in order to advise individual clients.