Capital Gains Tax: Second Homes
Tim Farron (Westmorland and Lonsdale, Liberal Democrat)
David Gauke (The Exchequer Secretary; South West Hertfordshire, Conservative)
HM Revenue and Customs do not have information on whether any property in the UK is or is not a “second home”. In addition the relief that grants exemption from capital gains tax (CGT) on disposals of an individual's only or main residence allows an individual who owns more than one residence to nominate which property should qualify for that relief.
Where compliance risks are identified HMRC will pursue the appropriate inquiries.