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?
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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.
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.
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.
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I think you mean
Dear Members,
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Sift
I think you mean two experts, as opposed to the bunch of useless laymen that frequent the site.
Venn Diagram of competence
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.
Luckily
the UL seem to have got it right this time :p Still a nice little case study to cover the pointsDear 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.
That funny
Guilty as charged.
Oh how the mighty have fallen !Kind Regards
DB1
It was worth saying twice.
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”!
Robert
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.