Capital gains on rented property

Capital gains on rented property

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A client built a new home, intending to sell his original home in which he had lived for a  number of years. He was unable to sell it, so let it for about 4 years. Eventually he found a buyer. Is he able to claim any relief on the capital gain?

Replies (16)

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By johngroganjga
10th Mar 2016 12:40

Yes there is a relief but not for the whole 4 years. It was 3 years for a long time but is now 18 months.

In addition there is lettings relief.

Thanks (1)
By Paul D Utherone
10th Mar 2016 12:58

So he built a new home and moved in

but couldn't sell to original home so let it for 4 year until he managed to find a buyer and sold it? That being so, what John said.

Thanks (0)
By Robert Lovell
22nd Mar 2016 13:48

Here’s the answer…

Tim Good and Giles Mooney have selected this question to answer in their regular ‘Any Answers Answered’ series on AccountingWEB.

Find out more about capital gains on rented property in this short video clip from the TAXtv hosts.

Thanks (2)
By JCresswellTax
22nd Mar 2016 14:20

I love

Giles & Tim :)

Thanks (1)
By cheekychappy
22nd Mar 2016 14:27

Dear Members,

Thank you for your valued contribution.

Your contribution is so valued, that we have disregarded it and asked two other people to answer it instead.

Don’t be dismayed and please continue to log in and contribute as we need the advertising revenue.

Yours sincerely,
Sift

Thanks (3)
Replying to Beach Accountancy:
Portia profile image
By Portia Nina Levin
22nd Mar 2016 15:35

I think you mean

cheekychappy wrote:

Dear Members,

Thank you for your valued contribution.

Your contribution is so valued, that we have disregarded it and asked two other people to answer it instead.

Don’t be dismayed and please continue to log in and contribute as we need the advertising revenue.

Yours sincerely,

Sift

I think you mean two experts, as opposed to the bunch of useless laymen that frequent the site.

Thanks (5)
Replying to Southwestbeancounter:
paddle steamer
By DJKL
22nd Mar 2016 15:43

Venn Diagram of competence

Portia Nina Levin wrote:

cheekychappy wrote:

Dear Members,

Thank you for your valued contribution.

Your contribution is so valued, that we have disregarded it and asked two other people to answer it instead.

Don’t be dismayed and please continue to log in and contribute as we need the advertising revenue.

Yours sincerely,

Sift

I think you mean two experts, as opposed to the bunch of useless laymen that frequent the site.

And where in the Venn diagram of A Web posters are you placing yourself, are you caught within the subset of "useless laymen" or is there to be another category for PNL et al  apart from Expert and UL?

Pretty sure UL  is my natural level, will  maybe start putting UL after my name, probably good enough to fool a few clients.

Thanks (1)
Replying to Southwestbeancounter:
By Paul D Utherone
22nd Mar 2016 16:39

Luckily

Portia Nina Levin wrote:

cheekychappy wrote:

Dear Members,

Thank you for your valued contribution.

Your contribution is so valued, that we have disregarded it and asked two other people to answer it instead.

Don’t be dismayed and please continue to log in and contribute as we need the advertising revenue.

Yours sincerely,

Sift

I think you mean two experts, as opposed to the bunch of useless laymen that frequent the site.

the UL seem to have got it right this time :p Still a nice little case study to cover the points
Thanks (0)
By cheekychappy
22nd Mar 2016 15:43

Laymen

Guilty as charged.

Thanks (0)
Replying to Erming:
avatar
By DB1
23rd Mar 2016 00:27

UL

cheekychappy wrote:

Guilty as charged.


Oh how the mighty have fallen !

Kind Regards

DB1

Thanks (0)
Replying to Erming:
avatar
By DB1
23rd Mar 2016 00:27

UL

cheekychappy wrote:

Guilty as charged.


Oh how the mighty have fallen !

Kind Regards

DB1

Thanks (0)
Replying to NH:
By cheekychappy
23rd Mar 2016 08:28

That funny

DB1 wrote:
cheekychappy wrote:

Guilty as charged.


Oh how the mighty have fallen !

Kind Regards

DB1

It was worth saying twice.

Thanks (0)
Replying to I'msorryIhaven'taclue:
avatar
By DB1
23rd Mar 2016 21:01

Yep
You are such a star !
Regards
DB1

Thanks (0)
By Robert Lovell
23rd Mar 2016 15:06

Just so you know

This is not about advertising. Of all the AA posts we looked at this was one we found which had attracted a lot of interest and didn’t seem to have a definitive answer.

We thought it was useful to bring in Giles and Tim to help confirm what you may have already been thinking and by no means do we think AccountingWEB members are a “bunch of useless laymen”!

Thanks (2)
Replying to stephenkendrew:
By cheekychappy
24th Mar 2016 09:31

Robert

robertlovell wrote:

This is not about advertising. Of all the AA posts we looked at this was one we found which had attracted a lot of interest and didn’t seem to have a definitive answer.

We thought it was useful to bring in Giles and Tim to help confirm what you may have already been thinking and by no means do we think AccountingWEB members are a “bunch of useless laymen”!

 

Can the next question be "what is the optimum salary for 16/17?".

A bunch of useless laymen will be very interested in the answers.

Thanks (2)
Portia profile image
By Portia Nina Levin
24th Mar 2016 10:22

Ooh yes! I am sure Tim and Giles would have a field day with that meaty issue.

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