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Are you selling your family home? Has it been vacant / rented?

Are you selling your family home? Has it been vacant / rented?

*Please note the information in this article may be out of date

When you sell a property that qualifies for the main residence tax relief, you do not have to pay Capital Gains Tax (CGT) on it.

At the moment this main residence relief is extended for 36 months after you vacate the property. What this means is that you can sell your family home within three years of moving out of it and still qualify for the main residence relief, that is, pay no CGT.

From the 6th April the main residence relief will only be extended by 18 months. You will now have only a year and a half after you move out of your family home to sell it and not pay CGT.

For anyone who is in the process of selling their family home and have not lived there for anywhere in or around 18 months, do your utmost to complete by the 5th April or pay CGT!

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