 | When you move house it’s sometimes not possible to sell your existing home in the timescales and some clients have elected to let out the property. In recent years there have been changes to the way in which mortgage interest is relieved in the calculation of let property profits and from 6thApril 2020 there will be changes to the Capital Gains Tax regime. |
Currently there is a valuable relief called `Lettings Relief’ which enables upto £40,000 of the profit made on selling your former main home to be exempt from Capital Gains Tax. This works in conjunction with the final 18 months always being available for relief provided you’ve lived there.
From 2020 this will change and `Lettings Relief’ will be restricted to owners remaining in the let property and the final 18 months will be restricted to 9 months.
Clients with properties (which have previously been their only or main residence) where substantial gains have been made may wish to consider the above changes!
From 2020 this will change and `Lettings Relief’ will be restricted to owners remaining in the let property and the final 18 months will be restricted to 9 months.
Clients with properties (which have previously been their only or main residence) where substantial gains have been made may wish to consider the above changes!
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