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Taper Relief/Private residence/CGT annual exemption

My wife and I currently occupy our only property that we had once rented out for a total of 4 years.

1. If we end up selling it, will we be able to apply taper relief

2. Can we use the CGT annual expemption to reduce any liability

3. As its owned in joint names can we split the profits and hence further reduce our gains. When the property was rented out, I declared all the income on my tax return, to avoid doing 2 returns and we are both basic rate taxpayers.

Any help/comments would be appreciated as we've had the property for about 7 years and the gain is in excess of £100,000.

Many thanks

Sal
Sal

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By admin
07th Feb 2001 13:21

Thanks for all your comments, but how do I contact you Simon!!

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By Anonymous
07th Feb 2001 08:25

It might!
Has the second flat ever been the PPR of the owners? Why was it purchased? To make a profit?

There are loads of questions which need answering. You should really take professional advice Jarnie.

Please contact me if you do not have a professional advisor.

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By Anonymous
06th Feb 2001 07:53

Correct
Non business asset taper relief does not "kick in" until 05/04/01, but they have not sold it yet.

A more fundamental point is the letting relief to a maximum of £40,000, but you cannot do the calculation without an acquisition date and cost.

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05th Feb 2001 14:12

Taper relief for non-business assets does apply, but it is only applicable to the unrelieved gain, if any, after all the other reliefs (PPR and letting relief) are claimed.

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By admin
05th Feb 2001 15:52

Taper Relief
Surely non-Business Asset taper relief only kicks in after 5 April 2001?!?!

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By admin
05th Feb 2001 09:47

Taper Relief?
I wouldn't have thought that taper relief would apply.

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By Anonymous
02nd Feb 2001 13:51

Yes Yes & Yes
The answer to all three points yes.

You can also claim letting relief which could extinguish the gain all together!

If you would like to send me the details I could advise further.

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