Property

moneytalks

Hi

I am thinking of selling an investment property.I read somewhere that if you own the property for at least 3 years there is some tax relief that can be claimed,am I right,if so what is the relief?

pchelpman

You are probably thinking of Taper Relief and, yes, you are usually entitled to it if you make a profit on an investment you have owned for at least 3 complete years.

The Revenue's help sheet on this is here ...

http://www.hmrc.gov.uk/pdfs/1999_00/helpsheets/ir279.pdf

A little more guidance on CGT and taper here .....

http://www.taxaccount.co.uk/taxes.html#CAPITAL%20GAINS

PCH

bury_2

Is that 3 complete tax years? for example I purchased the property in dec 2002.

The applicable tax years would be 03/04 04/05 05/06 ( 3 years)

So this tax year 06/07 the releif starts to build up?

pchelpman

Look at the .pdf in the first link (see my earlier post above). The explanation is there, first page, right hand side, "What is a whole year for Taper relief?".

Check it out!

PCH