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fru-gal

Government Consultation On Removing Option To Elect Main Residence Re Capital Gains

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Apologies if there is a thread about this somewhere but thought this would be an interesting topic for discussion.

Earlier this year, the grubiment had a consultation about implementing Capital Gains Tax on non-residents. In order to do this they needed reliefs to be available to non-residents but they wanted to reduce the possibility of non-residents "flipping" an investment home and nominating it as their main home to avoid/reduce CGT. However, it seems they are consulting on removing the ability to nominate which home is your main home when it comes to CGT (and reliefs) from UK citizens as well, not just non-residents.

Here is the consulation; https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/298759/CGT_non-residents_condoc.pdf

Lots of lawyers unhappy about the possible removal for UK citizens; http://www.bdb-law.co.uk/news-and-views/publications/articles/2014/april/a-death-knell-for-the-capital-gains-tax-main-residence-relief-election/

http://www.politics.co.uk/opinion-formers/chartered-institute-of-taxation-ciot/article/att-challenges-plans-to-scrap-main-residence-election-rules

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You can just see it coming...propert is easily taxable. The only thing anyone has worth taking now is the unearned, untaxed housing equity.

Once that tap opens, they wont turn it off till they have bled everyone dry.

The housing market seems to have turned into a slave market.

Edited by TheCountOfNowhere

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About time. Bet it gets watered down after 'consultation' though.

Anecdotally, I hear from an acquaintance who works for a government that a consultation is an exercise where a government invites comments and takes note of those submitted by the groups who were already influencing it, ignoring all others.

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