Capital Gain on sale of home

Capital Gain on sale of home

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First home bought May 1996 and sold August 2001 for £300,000 surplus.
Second home bought April 2000 and sold May 2002 with surplus of £100000.

Second home was used 50% business and 50% private during 2000/1 tax year and was let out furnished in 2001/2. It was 50% business as it was a huge flat and owner ran business from there.

Owner left second home April 2001 to move in with partner, contributing to partner's running home costs.

Election submitted August 2001 to Inland Revenue that second home was main private residence.

Advice please on minimising capital gains on the second home.

Thanks

Andrew Dinkenor

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By neileg
12th Sep 2002 14:12

I would have thought...
... that anyone making a gain of £400k in less than a year could afford to pay for specialist advice.

Or is it just me feeling a bit liverish today?

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