CAPITAL GAINS TAX CONSEQUENCES OF SECOND PROPERTY OWNERSHIP
If you own more than one residential property, you normally have 2 years from acquiring a second property to elect which one will be your residence for tax purposes.
It is sometimes possible, with a degree of planning, to obtain capital gains tax relief in respect of your ownership of two residential properties including those let domestically or holiday property located in the UK or abroad.
Contact Tax Consultant Ian Willans on 0191 244 2543 for advice now as timing of elections and transactions is critical!
