Capital Gains Tax: Second Homes

Treasury written question – answered on 7th March 2012.

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Photo of Tim Farron Tim Farron Party Chair, Liberal Democrats

To ask the Chancellor of the Exchequer what steps HM Revenue and Customs is taking to ensure that all second homeowners who are liable to pay capital gains tax do so.

Photo of David Gauke David Gauke The Exchequer Secretary

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.

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