During the current Corona crisis although we are operating on a skeleton staff to cover rent, running sales etc,
there will be no viewings on rental or sale property whilst the government have placed us in this temporary lock down.
Hopefully this will only last weeks and we will then revert to normal.
If you are interested in any properties please email us your details and we will let you know when viewings can take place.

Private Residence Relief Changes

30th October 2019
Share this post 

Did you know that when you rent out all or part of your home a Capital Gains Tax (CGT) charge may apply when you sell the property? Currently, HMRC exclude the last 18 months of your ownership – even if the property is let for this time – when assessing any CGT liability. However, in a draft of the Finance Bill released earlier this year, HMRC have confirmed that this 18-month period will be reduced to 9 months from April 2020. Disabled property owners, or those in a care home, will continue to be exempt for 36 months.

The Finance Bill also outlines a change to the letting relief rules…

Letting relief is an extra deduction you can make from any CGT payable when letting your home. Under the rules, you can claim the lowest of the following three amounts:

  1. The same amount that you can claim as private residence relief. 
  2. £40,000. 
  3. The same amount as the chargeable gain you made from letting your home. 

From April 2020, you will only be able to claim this letting relief if you are in shared occupancy with the tenant.

Property owners that are considering the sale of their home – which is or has been let for any period - may be advised to complete their sale before April 2020. In this way they will benefit from the 18 month exemption and the more flexible lettings relief.

Categories


    Post is not in any categories.

Tags


Post has not been tagged.

Latest News


What is an EPC and how do I read it?

Energy Performance Certificates (EPCs) were introduced in 2007 to give buyers a better understanding of the energy efficiency of a property they may w…

Upgrade your bathroom and add value to your home

If you want to add value to your home, and make it a better place to live upgrading your bathroom can bring surprising benefits. One of the most impor…

What will happen to the property market in 2020?

House prices increased by an average 33.7% in the last decade and despite being relatively flat over the last couple of years, due to the uncertaintie…

Buying and selling over Christmas

Think you need to avoid selling your property over Christmas? Think again. Potential buyers have more time over Christmas and, according to Rightmove,…

How to add £50k to the value of your house, in less than one week

According to the Federation of Master Builders (FMB) and the Home Owners Alliance (HOA), you can enhance the value of your property by almost £50,000…
All rights reserved © 2020 Amos Services Hadleigh Ltd     01702 555888
Site by ExpertWeb