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Currently proposed, not yet bottomed out but likely to come into force from April 2020.
Reduced relief on the final exemption period of deemed occupancy from 18 months to 9 months along with changes to the letting’s relief.
New shared occupation conditions will need to be met to qualify. Currently can claim the lower of your private residence relief, gain in the letting period or £40k but you will now only get this this lettings relief if you are in occupation and sharing the occupancy of your residence, so in layman’s terms you need to still be living there. This means that going forward it will be very hard for people to get this relief and for most people it will be £0. So on a property sale there will be cliff edge effect if you sell your property after April 2020 compared if you sell if you sell in the current tax year, see table below:
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