Capital Gains Tax - what does the new Cinderella rule mean for you?
Many of you will be aware that there is no capital gains tax (CGT) to pay on the sale of your main residence regardless of its size, location or how much profit you make on its disposal. This all down to a relief from CGT called principal private residence (PPR) relief.
The position thus far has been that CGT only applies to UK residents. From 6 April this year the UK's CGT regime will be extended to all non-UK residents to the extent they dispose of UK residential property. However, to counter any suggestions of discrimination between the treatment of UK residents and non-UK residents, the rules have been extended, by introducing qualifications for the availability of PPR relief.
To read more, go to Spear's Wealth Management Magazine.