Hi,
I have owned a small flat since Aug 03. I was working abroad for a long period and the property was rented out from Aug 07 to Jul 17, when I returned to live there. Since purchase, the value of the property has increased from approximately £115k to £220k
Im currently in the process of remortgaging with a view to selling in about 2 years. However, I have just become aware of the potential change to the CGT lettings relief in April 2020. From my untrained eye this means I'll be faced with a tax liability of £11k if I sell after the changes come into effect.
I understand that there are other small details could affect the final figure (e.g. home improvements) but none will come near to the loss of the £40k allowance.
Is my basic understanding correct?
My next step will be to get professional paid advice but have written to a few local advisors, none of which have responded.
Thanks
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