Capital gains on home and income?

Our Experts Answer:

There are many unanswered questions around Labour's proposed capital gains tax. But this stage it is only a policy statement from a party that must first win the general election before anything tangible will be seen with respect to the detail of the tax legislation needed to enact it. Labour has said though that a taxpayer's residence will be exempt, this may come with a predominant purpose test or perhaps at worst the requirement to aportion the gain for tax purposes. It's all just speculation though at this stage.