MWL FINANCIAL GROUP
SECTION – PROPERTY EXPERT
SUBJECT – The 6 year rule
Hi I'm Jeff Banks, Business Advisor with over 30 years experience at MWL Financial Group specialising in property transactions.
If you live in a residential property it may qualify for the Principal Place of Residence Exemption and as such not be subject to capital gains tax.
If you move out of the house you may be able to invoke a period of up to 6 years where the exemption continues to maintain your exemption but at the end of the day you cannot have 2 Principal Places of Residence. Calculation of what you may be entitled to in the way of exemption may be as easy as dates of ownership but when it comes to working out which property you want to aim your exemption you may need considered advice.
For more information contact us at firstname.lastname@example.org and either me, Jeff Banks or one of our experts will be more than happy to help.