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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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what is the position on a gain on a property provided

Resolved Question:

what is the position on a gain on a property provided for a dependant relative (sheltered
flat)?
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

I'm assuming the property was owned by someone other than the dependent relative.

Unless the property was bought no later than 5 April 1988, the dependent relative was in occupation by that date and the other conditions referred to here were met, then there is no main residence relief deduction from the gain on sale. The first £11,100 of the gain will be tax free assuming a disposal in 2015/16 with the balance of the gain being taxed at 18% or 28% or a combination of the two rates depending on the income level of the seller.

I hope this clarifies matters for you but let me know if you have any further questions.
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