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New rules could mean a hefty capital gains tax bill!
Changes are afoot!
From April 2020 the period of grace for owning 2 homes without attracting capital gains tax is reduced from 18 months to 9 months.
This means that capital gains tax will apply if you have bought a second home before selling the first - maybe your home is empty or you are renting it out - if you still own the two properties in April 2020 you will have exceeded the 9 months and CGT will be due.
Many homeowners are unaware of this change, don't be caught out!
For help with all property tax and accounting matters do not hesitate to contact Winchester Bourne on 01962 715671 or email [email protected]
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