The client had built a new home and intended 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 four years. Eventually he found a buyer but wondered if he was able to claim any relief on the capital gain. Find out the answer in the video below.
TAXtv has also released a free-to-view Budget special video where Good and Mooney consider what George Osborne’s speech really means for you and your clients. In the episode they discuss the new lifetime ISAs, changes to company loss relief and capital gains tax, plus the other announcements most relevant to small and medium-sized firms.
For the latest episode of TAXtv visit PTP Interactive. TAXtv is a monthly tax update programme available as an annual subscription from £199, (11 issues plus special editions) to view online, download from the internet or watch on DVD.