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Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2849
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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We have owned a property years, bought initially to run my

Customer Question

We have owned a property for 20 years, bought initially to run my husband's business. Some of that time, it has been rented out as 2 small flats and a shop, with a section as offices for my husband's design business, employing a number of people. If we were to sell the property, is there any exemption from capital gains given that the property has always and continues to be used by us?
Thank you for your help.
Submitted: 1 year ago.
Category: Law
Expert:  Harris replied 1 year ago.
Hi, thank you for your question. As the property does not appear to have been your "main home" it would be liable for capital gains tax.If the property is a business asset there may be tax relief on it.You will need to work out the gain - this would be the difference between what was paid for the property and the amount it is sold for. You are able to deduct certain costs such as agent fees and costs of improvement works.I hope this assists you. If you found this information helpful please provide a positive rating using the stars at the top of this page. I will not be credited for answering your question without a positive rating. Thank you
Expert:  Harris replied 1 year ago.
Expert:  Harris replied 1 year ago.
Hi, this question remains open. If you found my information provided helpful please could you rate my response positively using the stars at the top of this page as I will not be credited for my response without a positive rating.