Our blog

At the moment if you own more than one home you can tell HMRC which property is your tax-exempt main residence (as long as you do actually use it as a home).  This is known as making an election and can be changed at any time in order to reduce the amount of tax you’ll pay when selling one of your properties.

Unfortunately, this is being exploited by overseas residents to avoid paying tax on the sale of properties they own in the UK.  As a result HMRC are looking at removing this option from April 2015.  They will instead look to work out which of your houses is your main home based on things such as where you have actually been located for most of the tax year, where your family is based and where your children go to school.

There are still some things which we’ll be able to do to reduce your tax liability, so if you are planning to sell a property after April 2015 please do contact us. 


Your email address will not be published. Required fields are marked *