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  • Tax

    Tapering relief when selling btl

    I have had a btl for 30 years and was wondering if any tapering relief is available if sold?

    Also I do not have receipts for capital expenditure that far back, what can I do?

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    Tapering relief ended several years ago so that no longer exists. For individuals there is no form of relief available for holding assets investing for long periods of time.  For companies Indexation relief is available up to 31 December 2017 but not after that.

    As for your expenditure the legislation requires that you have evidence to support the cost of the expenditure.  Accordingly if you claim the cost of the work and HMRC challenge the deduction then you will lose.  There are several cases on this specific point.

    Regards

    Nigel

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    Nigel Reynolds FCCA CMgr FCMI

    Property Tax Specialist

    Reynolds and Co

    http://www.reynoldsandco.co.uk