How we helped a client to save £18,000 in Capital Gains Tax
The Problem
Our client first approached us when she was looking to sell one of her properties and wanted to understand the capital gains tax (CGT) implications and ensure the transaction was completed as tax efficiently as possible.
The Solution
After talking to the client, our team was able to understand the situation before providing sound professional advice that would result in a huge tax saving.
The Result
Our team identified that because the client had lived in the property before letting it out as a rental property, she was eligible for both Private Residence Relief and Lettings Relief which saved her a whopping £18,000 in tax. Not only this, our team also advised the client that the advice they had previously been given about needing to sell the property within a tax year when she had other gains, was in fact incorrect, and that it would have resulted in an even higher tax bill!
Without our help, our client would have faced a capital gains tax bill of £18,000 which we were able to reduce to zero. This was made possible because we took the time to fully understand the client’s circumstances.
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