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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Anonymous |

Thanks

AccountingWEB |
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It might!

Anonymous |

Correct

Anonymous |

Taper relief

AnonymousUser |

Taper Relief

AccountingWEB |
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Taper Relief?

AccountingWEB |
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Yes Yes & Yes

Anonymous |