The exemption from capital gains tax (CGT) for a dwelling that is the taxpayer’s ‘only or main residence’ is an important one for homeowners. The value of the exemption means that some may be tempted to claim it on properties that may not clearly fall within its parameters. We must therefore look at what is […]
Considers the basic principles of the capital gains tax exemption for only or main residences. For most of us, the house in which we live – our ‘only or main residence’ in the terms of the tax legislation – is our most valuable asset. For many of us, it is one that has increased in
Tax and the Main Residence Read More »
Generally, when a person sells a home that they have lived in as their main residence, they will not have to pay tax on any gain that has arisen since they purchased the property. This is because of the capital gains main residence exemption which takes the resulting gain outside the capital gains tax charge.
Main Residence Exemption – When Does it Apply? Read More »
