CGT changes 2020
We own a couple of rental properties and had planned on ‘downsizing’ into one of them in 2/3 years time when we sell our home (where we’ve lived for 15 years).
The plan was to live there for a year or 2 and then sell that property too, reducing the capital gains tax by way of private residence relief and lettings relief.
I thought we were quite well versed re the tax situation on rental properties and we know that the private residence relief is due to be reduced again in April 2020 (to just 9 months) but we hadn’t realised that the lettings relief will be effectively abolished (providing it’s approved by the House of Lords), which will have a huge impact on our CGT bill.
I’m not asking for tax advice - just thought that I’d mention it in case other landlords hadn’t realised the full implications either.
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