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TaxRobin
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My son and daughter-in-law are purchasing a new property and

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My son and daughter-in-law are purchasing a new property and there will be an overlap on the sale of their old house meaning for a short while they will own 2 how does the new capital gains tax wef 01/04/2016 affect them.
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
HelloThey will still be allowed Private Residence Relief on the sale of home "A". An overlap of owning will not change that for them. The last 18 months of owning should cover them for the sale too.The new stamp duty tax may effect them.If they move out of their main residence (Home A) but keep it and buy another main residence (Home B), they will have to pay the 3% Stamp Duty surcharge initially. However, so long as they sell Home A within 36 months (increased from 18 months in the budget) of completing on the purchase of Home B, HMRC will make a full refund.
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