This is a complex area and each issue arising should be carefully considered and planned.

Primary Residence

As a general rule, primary residences are entitled to rollover relief (sale proceeds of primary residences are exempt from capital gains tax if the proceeds are applied on the acquisition of a new primary residence). There are planning issues that if not carefully considered may subject the tax payer with an unwelcome tax bill on a future sale of the property.

Secondary Residences

Secondary residences are also subject to capital gains tax and are not entitled to roll over relief.