capital gains tax - taper relief

gibby4

If I have owned a 2nd property since September 1995 for 9 1/2 years and I am entitled to 65% taper relief. but i read somewhere when I have held it for 10 or more years it goes to 24% relief. can anyone tell me if this is correct.

Ian_W

I think you've misread the entitlement - after 9yrs 65% of the gain is still taxable so your taper relief is 35%.
I think on a non-business asset taper relief maxes out at 40% after 10yrs ownership.
There's a lengthy helpsheet at
https://www.hmrc.gov.uk/pdfs/2003_04/capital_gains/ir279.pdf
but the first page has a handy table and there is a bonus year for assets purchased before 17-3-98. Prior to then there was indexation which you will qualify for but I don't really understand that.
Would suggest you consult an accountant as CGT and the reliefs available are quite complex.