Do you own two or more properties?

Is it easy to fall into the trap of assuming that your original main residence must always be the capital gains exempt property and the second home purchased at a later date will be fully chargeable to capital gains tax.

Very often this will be the case, particularly if the second property was acquired more than two years ago as a holiday home, or more of an investment than a residence – but it is worth looking at the overall facts to see if there are any tax planning opportunities available.

Provided you can demonstrate that the second property has been your residence at some point, it is worth examining the issue in more detail. Even occasional and short residence in a place can qualify. Each set of circumstances need to be reviewed on an individual basis.

If you would like to discuss this subject in more detail to see if you could benefit, please call me.

Sue Stephens
Tax Manager