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Sam
Sam, Accountant
Category: Tax
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Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I purchased a property in 1999 at 42000, the property is now

Customer Question

I purchased a property in 1999 at 42000, the property is now worth 130,000 I believe the capital gains tax would be 15,000 as I have not lived in this in the past 3 years, the property has however been vacant over the years and vacant since december, is there any way of avoiding this tax
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.

Hello, I'm Keith and happy to help you with your question. It maybe not as not as bad as you think; for starters you have an Annual Exempt Allowance of 11.1K! Was the property ever let out and, if so, did you declare the rental income to HMRC? When you say 'vacant over the years' were you in possession? Was it your sole or main domestic residence? Finally why were you not living in it, was the absence work related?

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