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A client couple have been letting a flat jointly at a commercial rent since acquisition for £95,000 in 1998. The current value is £300,000 and they propose to sell it in the next tax year. They live nearby in a house whose current value is £500,000.
A client couple have been letting a flat jointly at a commercial rent since acquisition for £95 000 in 1998. The current value is £300 000 and they propose to sell it in the next tax year. They live nearby in a house whose current value is £500 000.
I was rather embarrassed to be given a newspaper cutting by the clients regarding considerable capital gains tax savings that were possible if the property was put into a trust making the owner and tenant beneficiaries with the end result that private residence relief may be claimed upon disposal. I confessed to knowing nothing about this scheme but would seek advice — hence this query. I was also concerned to see a reference to possible HMRC attacks upon this scheme. Can readers please help?
The article concludes with a simpler way to save capital gains tax by electing...
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