Posted on Aug 25, 2016
Why should I think about Capital Gains Tax for my private residence?
Any query in relation to principal private residence relief should be put to your accountant, but the following points should be considered when speaking with them:-
When considering these points, if you have not used any part of your property for business, all of the buildings and grounds cover less than 5000 square metres, and it can be shown that you use your house as your main residence, then the principal private residence tax relief will automatically apply.
If however you consider that your property may be affected by one of the factors above, it is worth speaking to your accountant on principal private residence relief. The relief is not completely lost if you have to consider one of the questions above, as the relief can be applied in part.
If you do not have an accountant, please speak with us and we can provide you with an appropriate referrals in order to ensure that the capital gains tax position is known prior to your property being brought to the market.
Robin Dunlop is a solicitor in our specialist Land & Rural Business team. If you would like further information on this or any other matter affecting your rural property please contact Robin on 0131 225 8705, email firstname.lastname@example.org or contact a member of our Land & Rural Business team.