Holiday Let - CGT
LynWest
Registered Posts: 122 Beyond epic contributor 🧙♂️
Hi i have a client that i do their self assessment for last year. They inherited their home from her dad, and as part of the house is a small holiday let. The let this out. They also use their dining room for running their sugaring and tanning business. They have not claimed any capital expenditure on the property because it was left to them as an inheritance and no further construction etc has been needed. My client is a sole trader, they have therefore not claimed any rent to her company.
She is now selling her house and the attached holiday let. Does she become liable for CGT? If so does anyone have thoughts on whether she should go for business roll over relief as she would need to do her sugaring and tanning business from the new house too? I know that there is the possiblity to Entrepeneurs Relief, but there is a private resdience releif and letting relief. If anyone knows these can they please explain them simply to me.
Many thanks, client is panicking that they are going to have to stump up a large CGT bill!!! :001_unsure:
She is now selling her house and the attached holiday let. Does she become liable for CGT? If so does anyone have thoughts on whether she should go for business roll over relief as she would need to do her sugaring and tanning business from the new house too? I know that there is the possiblity to Entrepeneurs Relief, but there is a private resdience releif and letting relief. If anyone knows these can they please explain them simply to me.
Many thanks, client is panicking that they are going to have to stump up a large CGT bill!!! :001_unsure:
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Comments
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Big apologises for my grammar, spelling and mistyping above. With English like that i could become a sell out author!! lol0
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Okay... there was supposed to be a cartoon picture on there... It's not come up!0
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