The Finance Bill 2020 confirmed the UK Government’s proposals to reduce the Capital Gains Tax (CGT) exemption applying to the main home.

Currently a homeowner has 18 months after moving out of their main properties before it becomes liable to CGT, but the Finance Bill states this will be reduced by half to nine months.

This is a further reduction from the 36 months allowable five years ago.

However, individuals still have 36 months to sell their former home to reclaim the additional three percent Stamp Duty Land Tax (SDLT).

Nimesh Shah a partner at 2019 eprivateclient top accountancy ...