Accountant gives tax relief advice on moving and letting
www.moneynews.co.uk > Mortgages > Accountant gives tax relief advice on moving and letting
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Money News |
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Accountant gives tax relief advice on moving and letting
Tue 19th Aug 2008
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Writing on the BBC website, Ms Bates explained how "moving and letting" could help people save on capital gains tax (CGT) and income tax.
She said that if the home one leaves has been their main or only place of residence throughout their ownership of it, one is exempt from CGT on any gain value when it is sold.
If it is left for a number of years, there is also a CGT exemption on gains in the last 36 months.
According to Ms Bates, these two breaks "can be substantial".
Interest paid on loans secured against a rental property can also be reduced, thus lowering the payable tax.
If a borrower has good credit history, Ms Bates said, s/he may be able to secure further funds from a lender against the property being vacated.
Meanwhile, the Fair Investment Company said a mortgage price war between Halifax and Abbey, reported by the Times, was "great news".
David Doulton, director of Fairinvestment.co.uk, said it was good to see lenders "taking their responsibility seriously" and hoped more lenders would do the same.
Click here for more mortgage news.
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