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bigduckontax, Accountant
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I have a capital gain of £326,000 arising from the sale of

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I have a capital gain of £326,000 arising from the sale of a second property used for rental purposes. Are there any reliefs which can be off-set against this gain.
Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question.
Indeed there are. For starters there is your Annual Exempt Amount (AEA) of 11.1K to offset the gain. This is a 'use it or loose it' allowance and not cumulative. Also, if you ever lived in the house before or after the letting(s), then you are entitled to Lettings Relief (LR) up to 40K in addition to the AEA.
The remaining gain will be taxed at 18% or 28% or a combination of the two rates depending on your income including the gain in the tax year of sale. At that level of capital gain I regret to have to tell you that a large proportion will be at the higher rate.
This answer is, I regret, rather like the curate's egg, but at least you will get a tiny bit of relief. Even with maximum LR and your AEA this will still leave 326K - 11.1K - 40K = 374.9K exposed to Capital Gains Tax (CGT), worst case scenario is a tax bill of some 77K.
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