Do you own a residential property which you have ever lived in and ever let out?

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If you own a residential property which you have ever lived in and ever let out a significant tax relief ends on 5 April 2020.

If you sell the property before 5 April 2020 you could benefit from letting relief which can save up to £11,200 if you are the sole property owner.  For two joint owners the saving can be £22,400 between them.   This relief ends on 5 April 2020.

Furthermore, if you no longer live in the property, the period of “deemed occupation” (which reduces any tax charge) is reducing from 18 months to 9 months also from 5 April 2020.

To benefit from both of these tax advantages you must have exchanged contracts by 5 April 2020.

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Chartered Certified Accountant with qualifications in Environmental Conservation. Specialising in Supporting sustainable business, social enterprise and charities.