Property held by an individual can be a business asset for the purposes of Capital Gains Tax Business Asset Taper relief, but there have been several changes in the rules on this since 1998 when taper relief was introduced.
First, residential property, such as buy to let homes and flats can never be a business asset for taper relief, as the requirement is that the asset is used by a business, and letting is not regarded as a business for these purposes. It is just possible that residential property might qualify as representative accommodation in a farm or similar business, but buy to lets are out they qualify only for non business taper.
For commercial property the position can be very complex if there have been changes in tenant over the period since 1998.
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