60-500 Reduction in final exempt period for disposals after 5 April 2014
The main change
Finance Act 2014, s. 58 made an important change to the automatically exempt final part of the ‘period of ownership’ as defined in TCGA 1992, s. 223(2).
Because the Government regarded the period of 36 months, which had been available for exemption since 1991, as ‘being exploited by people with more than one property’, as they put it in the ‘Notes on Clauses’ to Finance (No. 2) Bill 2014, it has been reduced to 18 months for disposals after 5 April 2014, subject to a special relief for disabled persons or care home residents, as explained below.