Jurassic Sunrise

The consultation period on seeking to charge non-resident home owners to UK capital gains tax ended on 31 July 2014.  As previously reported, an unadvertised consequence of the proposals mean that it is quite likely that UK tax residents owning more than one property will no longer be able to benefit from making an election over which property should be treated as their main residence for capital gains tax purposes.

HMRC have been running discussion groups throughout May and June and the participants felt some form of this valuable relief should remain, although it could well be restricted in some shape or form.

Discussions included restricting the relief based on actual use or not allowing an election without a minimum period of actual occupation.  Others argued for the rules to remain unchanged.

It will therefore be interesting to see what is included in the full response to the consultation, which will be issued in Autumn 2014.

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