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bigduckontax
bigduckontax, Accountant
Category: Tax
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I purchase a house in 2003. I rented it out 2015. I

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I purchase a house in 2003. I rented it out 2015. I understand a law change is going to be introduced so that I cannot gain for period 2003 to 2015 on the value of the property without incurring tax. Is this true. ? If so when to be implemented.

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

 

Er not quite! You will be taxed on a proportion of the gain reflecting the letting period against the total ownership period. Also you are deemed to be in occupation for the last 18 months even if this is not the case [9 months fron April 2020].

Customer: replied 1 month ago.
Is this 100 per cent currently the case. I have a friend saying the period as residential address will no longer be exempt from tax due to a change in law.

There has been no such change in the law.

Customer: replied 1 month ago.
Please come back to me.

The situation is how I explained it earlier, there has been no change.

 

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