Property Relief from Capital Gains Tax (CGT)Nov 26
The Finance Act of 2012 introduced a relief from Capital Gains Tax (CGT) for properties purchased between 7 December 2011 and 31 December 2014. Where qualifying property purchased in this period is held for seven years the gains accrued in that period will not attract CGT. The relief is also useful as a potential retirement tax planning device in that in the event that such a property is held for exactly 7 years the value of the property could be left out of a lifetime limit computation for retirement relief. The relief is due to expire on the 31st December 2014!