Is Letting Relief Still Available?
First of all, I think I should explain to you what lettings relief actually is. Lettings relief is only applicable to someone who has let a property out, that they previously was living in. It is not applicable to someone with a buy-to-let property. The property must also be let as a residential accommodation, otherwise it will not be applicable.
Lettings relief is extremely valuable as it has the chance of reducing the amount of capital gains tax (CGT) that is payable on the sale of the property. This means that if you are applicable for it, then you should definitely try and receive it.
There is an up and coming change however, and that is that after April 6th 2020, the relief will only be available to those who share occupation of their house with a tenant for all disposals, however letting relief is still available in general. So if you fit the criteria, then you should definitely try and receive this, as it can save you a lot of money.
If you are still not sure whether you apply for lettings relief, then drop us a message or contact us through our contact details below and we will be sure to help you!
Email: [email protected]
Phone: 01293 278312