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Sting in the tail in the Autumn Statement!

December 9th, 2013

Chancellor George Osborne delivered his Autumn Statement on 5 December 2013. Most articles summarising the changes have missed a key point which may affect you. When you sell a house which has previously been your principal private residence, the gain attributable to the final 36 months has been exempt from tax. From 6 April 2014, this is being reduced to just 18 months. This also affects residential lettings relief given when the property concerned has been let out during the period of ownership. If you are planning on selling a property which was once your home, you may wish to contact us so that we can advise you on whether it may be worth selling the property prior to this change if possible.

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