This couple have been personal clients of Burton Sweet for several years. When they met they both owned their own homes. After a year together they decided to move into his home and she rented her home out.
They lived there for 5 years until his job required him to relocate for 2 years to help set up a new office in the Midlands. His employer provided them with accommodation for the time that they were away and they let their Somerset home for that period.
After 2 years they returned to Somerset and decided to sell both of their properties and purchase a new home between them. The tenants in her house had just given notice, so they lived there on their return to Somerset and set about putting both properties on the market. They consulted us as they were concerned about their potential Capital Gains Tax liabilities.
By getting in touch with us prior to the sale of the properties, we were able to advise them on how to minimise their CGT liabilities, calculate the reliefs and allowances they could claim and provide an early estimate of the Capital Gains Tax payable so they knew how much to set aside, and how much they could spend on their new house.