Changing your home to suit your tax bill
There is fear among home owners about changes to tax on second homes in the wake of the MP expenses debacle. If you have more than one property you may be able to change which one should be considered your main home and therefore is exempt from Capital Gains tax (currently 18%) when sold.
My guess is that if this arrangement is soon to be off limits for MPs then you can bet there will be restrictions and rule changes for the humble tax payer too. If you’d like to know more about ways to reduce tax on property then please give me a ring 01344 620495.
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