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Private Residence Relief Changes | London Accountant shows CGT for Rental & Residential property - YouTube
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hi this is mohammed again are today i'm
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going to talk about the capital gains
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tax on the residential properties let's
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say if you are a taxpayer or an
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individual who is who is going to sell
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the torso love text implications are
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there in term of like know if if any
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again you have made on the disposal of
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your property so the question is what
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photo properties like in all you pay cgt
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on let's say if you own one property in
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your life and you have always been
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living in that property normally that
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property is exempt from capital gains
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tax however there are few situations
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like you know where a taxpayer can pay
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cgt on the disposal of residential
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properties ie number one either if he
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owns more than one property oh if you
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are a couple living like in a husband
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and wife or more civil partners and you
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jointly won't do two properties so in
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that case like if you sell either of the
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body so the chances are that x-men gonna
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do like and i'll send you a bill for the
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cgt it means like know any games you
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have made on the disposable properties
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will be subject to capital gains tax so
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this is how like enough how to work out
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your game the person is like you know so
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what contributes as your game when you
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sell the property normally the gain is
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the difference between the between the
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proceeds you receive at the time of
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disposal and the cost you have paid at
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the time or property so they are few
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more course you can include like a north
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which will include to work property ie
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incidental costs meaning wagner we have
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paid any so if you have paid the same
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duty or you have paid you know the
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solicitor charges at the time of
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purchase the property so that is at was
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the cause of the property and likewise
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you know incidental costs at the time of
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disposal property will also be
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considered an ie the same course on
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animation you know severely managing
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agent or letting agent you know the DfE
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or survey fee or sisters he so that will
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also includes towards the coast in
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calculating your gains during the
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ownership of the property if you have
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done any enhancement expenditure meaning
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like you know if you have done a
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complete refurbishment of property or
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you have extended your property you've
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done some sort of like an all new
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kitchen has been put in for new bathroom
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has been done so all these call coast
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will be included in in calculating your
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gains meaning let's say for example if
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you go to property 400,000 pounds and
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you have spent about 5,000 pounds at
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time of like towards your survey fe-sem
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stem beauty for you extension of the
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property or refurbishment of your
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property another forty five thousand
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pound so the course will increase to 10
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105 plus 45 meeting hundred thirty
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thousand pound and let's say have become
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after 10 years or 20 years time you you
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different expert disposes of the
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property at 200,000 pounds on the net
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gain can be seventy thousand so this is
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how your game will be calculated the PPR
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means principle progress is this belief
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uh if a taxpayer has been living in the
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property throughout the ownership of the
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property so bad person does not need to
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pay any capital gains tax on the gains
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if he is making a time of disposal of
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this property so you know in in in our
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experience at arbys & Co with four
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different clients way by the hair bow
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bordeaux properties then they bought
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second property at that time like you
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know they were not aware that they have
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to make the election the head time of
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mine second robbery they need to modify
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to the hmrc which forwarded you want to
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be classified and in main residence and
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if say let's say like you know if your
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intention at the time of buying second
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second burberry would just not to live
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into the body but actually was an
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investment so the chances are you are
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ending up paying capital gains tax on
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the disposal of those properties rose so
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this was the main be so who qualifies
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for the relief that let's say if you
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have left your property during the
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ownership during your ownership you can
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claim or you know forty thousand pounds
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added letting relief so mostly in most
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of the cases like no we have seen next
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phase avoid notifying to the hmrc over
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the taxman that like you know they they
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are they have left their property during
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the ownership it is very good in the
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benefit of the taxpayer that at time of
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disposal of the text we can claim a PPR
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up to 40,000 pound if if you
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circumstances were such that like you
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know you have been changing the
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ownership of the properties from one
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property to another property so you know
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at the town of disposal of either of the
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properties so we need to look into
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carefully like know which property
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should be qualified for you resident
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principal residence relief at IV Vanco
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we are specialized in claiming the PPR
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relief if your circumstances are such
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that you have been living in different
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properties please call us we we offer
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two hours free consultation wherever we
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can look into your circumstances and can
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advise you in reducing you capital gains
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tax while claiming maximum PPR I
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phone number is zero 2086 6450 96
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