Taper relief

[dmm]

I will be selling a property before next Apr that was my main residance before i moved out. i know about the taper relief i can claim -up to 40% max + CGT for both me & my wife but is the 40% taper relief on the property or do we claim that each like we do the CGT relief

Thanks

[plym77]

You are entitled to several reliefs.

1. Principal Private Residence Relief - for the period it was your main residential home, plus the last 36 months by virtue of this.

2. Lettings relief - up to £40k (but may not be the whole £40k - number of factors decide the amount) each owner (ie you and wife).

3. Taper Relief - non business asset taper relief - please tell me when you purchased the property (month and year) and when it will be sold and I will tell you how much you will get.

4. CGT annual exemptions - currently £8800 each (assuming it has not already been used in the year)

5. Also, if the property was owned pre Apr98 then indexation relief will also be available

I hope this helps

Sherena