Finance Act 2016 changes to Dwelling House Relief
Anyone intending to take a gift of property should be made aware of changes to Dwelling House Relief arising from the Finance Act 2016.
Up to now it was possible for a person who had occupied a property as a principal private residence for a period of three years prior to the date of the gift/inheritance to take that property tax free.
This will no longer be the case after the Finance Act, 2016 comes into effect and the new regime will provide firstly that the exemption will only apply in the case of an inheritance and secondly that both the donor and beneficiary must occupy the premises simultaneously. The period of three years prior to date of inheritance remains unchanged.