My bother and I have never lived in the property we inherited, so we’re hoping we can claim a letting allowanceQ My brother and I inherited a house on the death of our mother 15 years ago. Since then the property has been rented out. We are now considering selling. Apart from our personal capital gain allowance is there any other allowance we can claim? I’ve been told that as the property was totally rented we can claim a letting allowance of £40000 each. Is this sincere? ACA No. The fact that the property was “totally rented” actually means that the opposite is sincere and you can’t claim what HM Revenue & Customs refers to as “lettings relief”. Continue reading...
Source: theguardian.com