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My client has owned a flat since the early 1990s, since when its value has appreciated considerably. She has lived in this flat since purchase, meaning that, if she were to sell the flat now, she would be able to claim only or main residence relief (OMR) and obtain the proceeds free of capital gains tax.
My client has owned a flat since the early 1990s since when its value has appreciated considerably. She has lived in this flat since purchase meaning that if she were to sell the flat now she would be able to claim only or main residence relief (OMR) and obtain the proceeds free of capital gains tax.
However she has recently married and has bought a house with her husband. She has decided to keep the flat as a rental property and perhaps as a retirement investment. Consequently after three years the capital gain she will have made on the flat will then begin to become taxable if the flat is subsequently sold. The large gains she has made up to the period she began renting the property will be proportionately taxed along with any gains made subsequent to the expiry of the...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
