- The first checkbox you'll need to tick is whether your property was acquired and disposed of within two years. That two year bracket starts from the date you have the title transferred to you, and ends when a new Sale and Purchase Agreement is entered in to.
- Next you'll need to ascertain if the property is your 'main home'. If it's the home you predominantly live in, it may be excluded from being covered by the Act. If it isn't...contact us or your accountant.
- If it is your main home, but it is held within a Trust, then everything gets a little bit more complicated. There are specific rules that need to be met, so again, give us or your accountant a call.
- Lastly, there is legislation that predates the new Act that looks at your intention to re-sell. If you were always intending to buy the property and flick it on for a profit, and you do that outside the two year period, you might still have a few tax issues.
Find out more about our Conveyancing and Property Law services - or get in touch through 247 Property - a division of DK Legal specifically dedicated to property law.