TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Private residence relief

HMRC have issued a reminder that, from the tax year 2014/15 onwards, there are changes to private residence relief.

If your clients have disposed of residential property, on which they wish to claim private residence relief, they need to be aware of the amendment to the period classed as ‘final period of ownership’. This has been reduced, from 36 to 18 months, depending on circumstances, with effect from 6 April 2014. Guidance is available within the capital gains manual.