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PH NEWS

Lettings Relief

Lettings relief is a valuable Capital Gains Tax relief for people who move to a new home but struggle to sell their old house and instead resort to letting it out, either as a temporary or longer-term measure. People whose jobs require them to work away from home for extended periods may also be affected.

In the event of the property being eventually sold, lettings relief of up to £40,000 per owner (so, £80,000 if the property is jointly owned by husband and wife) was available (and remains available until April 2020) to reduce that part of the gain which arises after the date the property ceased to be the owner(s) private residence.

That will change in April 2020. Thereafter lettings relief will only be available if the property is in shared occupation by both the owner(s) and their tenant(s).

If you’re a landlord who previously lived in the property you currently let, you should consider whether it would advantageous for you to push through a sale before lettings relief is restricted next year.

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