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bigduckontax
bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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Can you explain to me how the letting relief work on CGT

Resolved Question:

Can you explain to me how the letting relief work on CGT please?
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. Lettings Relief (LR) is available up to 40K depending on the rentals received. You must occupy the let property before or after the letting period to be eligible. You also have an Annual Exempt Amount (AEA) currently 11.1K, not cumulative, in addition to offset gains. I do hope that my reply has been of assistance.
Customer: replied 1 year ago.
Thanks. How do I prove I am living or have lived in the house? The house is a rental property, and I have a small portfolio, but I pay all of the bills in ALL of the properties!
Expert:  bigduckontax replied 1 year ago.
Surely the Council Tax bill would prove your residence. This tax is levied on the occupier, not the owner. Alternatively your notification to HMRC that you are in occupation would suffice. Hope that helps.
Customer: replied 1 year ago.
one last thing please, but... If I pay council tax in all of the properties, how would this work? Thanks
Expert:  bigduckontax replied 1 year ago.
Council tax demands require the name of the occupants of the premises as it is a tax on occupation, not ownership. If the worst came to the worst you could always swear an affidavit to cover the position. Please be so kond as to rate me before you leave the Just Answer site.
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Expert:  bigduckontax replied 1 year ago.
Thank you for your support.