Budget 2015-CGT Relief to expire

Added: Tuesday, October 28, 2014

Capital Gains Tax- Property Incentive to come to an end

The incentive relief from CGT (in respect of the first 7 years of ownership) for properties purchased between 7th December 2011 and 31st of December 2014 was not extended by Budget 2015.
Currently an exemption from CGT applies to a gain accruing on the sale of land or buildings where the property has been purchased between the aforementioned period and the owner retains ownership of the property for seven years. Where the property is held for less than seven years no relief is given and property held for more than seven years it is only the gain attributable to the first 7 years that attracts relief.
Therefore if you are considering purchasing an investment property with the intention of selling it on in 7 years’ time, John Nash Solicitors would urge you to arrange to purchase before the 31st of December 2014 deadline.  John Nash Solicitors are happy to deal with any query you may have in relation to this relief or any other question with regard to purchasing lands or property.