This years budget has detailed a change to the capital gains tax rules regarding property. One such change is ‘accidental landlords’ that are selling a property that was previously their private residence (their home) will only recieve half of the current relief. This could impact those that struggle to sell or possibly those forced to move at short notice due to work or family.
Currently, when induviduals move out of their home but don’t sell immediately, whether due to sentimentality or expectation to return, they have a 18 month window in which they can sell said property exempt from capital gains tax. This is due to the understanding that selling a home can be difficult both in practice and emotionally. As of April 2020 this window will be reduced to 9 months before they may be considered liable for this to come under capital gains tax.