Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
We bought the property in 1988 for 79K. its current value is 500 – 550K. In 2011 I became ill and could no longer work so we rented out the property in Wokingham as it was cheaper to live on one salary in the north where we had bought another property.
Question: Do we sell the property in the south to avoid the burden of a large tax bill before April 2020 or do I need to move into it to avoid the tax bill prior to selling.
Our principle private residence has been in Yorkshire whilst we’ve had tenants in most of the time in the Wokingham property with the odd gap or 2 in tenancy when tenants moved out.
From April 2020, lettings relief will be reformed so that it is only available to those who are in shared occupancy with a tenant. The final period exemption will be reduced to nine months.
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