Jump to content
House Price Crash Forum

Home Flipping Capital Gains Tax Relief Questionable


Recommended Posts

Apart from MP's i'm not too sure how widespread this is - but must be reasonably common for the Office of Tax Simplification (??) to be interested....

In todays Telegraph.....

http://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/8199773/Home-flipping-capital-gains-tax-relief-is-questionable-says-OTS.html

"..Home flipping capital gains tax relief is 'questionable', says OTS

Rules that allow home owners to "flip" their main residence to avoid capital gains tax (CGT) when they sell should be tightened, an official review of tax reliefs suggests.

It was "questionable" the three-year period in which property owners can elect which house is their main home for capital gains purposes should exist, the OTS said. This relief, it said, "supports the practice of 'flipping'" main and second homes, as highlighted during the MPs' expenses scandal.

It said the period was "too long" and the legislation needed rewriting. But it said the core CGT relief should stay"

Edited by skomer
Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.