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Hi,
Hope it will be possible to get some advice on capital gains tax on property.
My situation is the following, I own one property, and I split my time between this property and my family residents i.e. my parents' property.
My bank statements, Paye personal tax is still registered at my parent's property.
My own property, which I spend approximately 50% of my time, I have some utility bills (gas, electricity) as proof of address.
I do also have a logger registered at this property, that pays me £500 for month, I have owned the property from 2020, and was thinking of selling in the future, to spend more time looking after my elderly parents.
I understand, there is capital gains tax relief on residential property, but due to the fact I registered for tax elsewhere, am I likely to be impacted by this?
I do hope this is not the case, any advice would be greatly appreciated
Hope it will be possible to get some advice on capital gains tax on property.
My situation is the following, I own one property, and I split my time between this property and my family residents i.e. my parents' property.
My bank statements, Paye personal tax is still registered at my parent's property.
My own property, which I spend approximately 50% of my time, I have some utility bills (gas, electricity) as proof of address.
I do also have a logger registered at this property, that pays me £500 for month, I have owned the property from 2020, and was thinking of selling in the future, to spend more time looking after my elderly parents.
I understand, there is capital gains tax relief on residential property, but due to the fact I registered for tax elsewhere, am I likely to be impacted by this?
I do hope this is not the case, any advice would be greatly appreciated
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