Bright-line Test Extended to Five Years
The Labour government has now officially extended the timing on the Bright-line test on house sales from 2 years to 5 years from 29 March 2018. If you buy a property after this date (that is not your main residence) and sell within 5 years, you will be taxed on the gain.
If it was purchased before this date, then the original 2 year rule still applies.
There are exclusions to this for estate transfers and inherited property. If you are selling property, or thinking of selling property, and are unsure of your obligations, give us a call.