It's No 10 and yes I have moved into No 10 completely and do not have a main residence elsewhere. No 4 is a holiday home.

I would not ask this last silly question as it depends on too many factors but I must provide some sort of general answer. Please assume I sell No 14 and 12/14 in 2013-14 year, No 8 next year, No 4 the year after and No 10 the year after that. Assume my gross income stays the same throughout.

I know asking what order you would sell in, is a loaded question, but I am sure you can appreciate that makes it too many variables for me to calculate also!

But its fair to say as you have an annual exemption allowance each year, which is £10,900 for 2013/2014 and will increase to £11,100 from 2014/2015 - that it would make sense to utilise as many of these over the years as possible. However you also have one property on which a loss arises. I shall treat the sales as having taken place Feb 2014

No 10 needs adjusting to allow you private residence relief and private lettings relief so has been owned for 128 months and you have lived in it for 16 months Gain £38,542 x 16/128 = £4,818 exemption for private residence relief This leaves £33,724 to consider Then private lettings relief which is the lesser of 1) The amount of gain on which private residence relief is due - so £4,818 20 The amount of gain left over after private residence relief has been applied - so £33,724 OR 3) £40,000

so as the lesser is 1) the amount of gain on which private residence relief is due £4818 - this is deducted from the remaining gain of £33,724

So a final gain of £28,906 So we are left with

No 8 (F) £180,000 £5,400 £133,950 £2,198 £38,452 No 10 (F) £180,000 £5,400 £133,950 £2,198 £38,452 reduced to £28,906 No 14 (L) £145,000 £4,350 £99,950 £1,859 £38,841 12/14 (F) £5,000 £150 £- £- £4,850 No 4 (F) £185,000 £5,550 £185,000 £2,913 -£8,463 -------- So a total gain position of £102,586 Less annual exemption allowance £10,900 This leaves £91,686 liable to tax.

AS your annual income is £32,346 this means you have unused basic rate band of £10,129 (£42,475 - £32,346) So of the £91,686 the first £10,129 x 18% = £1823.22 The remaining gain of £81,557 x 28% £22,835.96 Total tax £24,659.18

Then if you sell I sell No 14 and 12/14 in 2013-14 year Total gain £43,691 Less exemption £10,900 Chargeable gain £32,791 The first £10,129 x 18% = £1823.22 The remaining £22,662 x 28% = £6345.36 Total bill £8168.58

2014/2015 No 8 has a gain of £38,452 Less annual exemption £11,100 Leaves £27,352 First £10,129 at 18% = £1823.22 Remaining £17,223 x 28% = £4822.44 Total tax £6645.66

2015/2016 Revised gains with tax reliefs recalculated (assume sale Feb 2016) To allow you private residence relief and private lettings relief so has been owned for 152 months and you have lived in it for 40 months Gain (assuming so increase in value !) £38,542 x 40/152 = £10,143 exemption for private residence relief This leaves £28,399 to consider Then private lettings relief which is the lesser of 1) The amount of gain on which private residence relief is due - so £10,143 20 The amount of gain left over after private residence relief has been applied - so £28,399 OR 3) £40,000

so as the lesser is 1) the amount of gain on which private residence relief is due £10,143 - this is deducted from the remaining gain of £28,399

So a final gain of £18,256 Then the annual exemption of £11,100 Gain chargeable to tax £7156 x 18% = £1288.08

Obviously this does not utilise the loss on No 8 - but at this stage even without the loss the total gains from selling over a few years amounts to £16,102.32

This is a saving of £8556.86!

Thanks Sam

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