I Mohave just sold my only home (uk). I have to pay capital gains tax on it because I had to move into a relatives house to care for them while I still owned my on home. During that period I rented out my own home as I need the money as I could not work while caring.
I have 30 days to pay this tax.
The accountant says I get no residence relief for the period I did not live in my own home and as such I have to pay a LOT of tax.
If I had been employed and had to live away and rent my home I would have been exempted from this tax .
I have read that there is something called ‘ deemed occupation’ but the accountant feels it does not apply to carers as it is not an employed job . Is that right? Surely this is unfair.
Also I read online that deemed occupation applies for up to ‘ three years for any reason’, so I am confused why the accountant feels I Don’t get this relief .
Has anybody else had a similar issue or maybe is an accountant who might comment ?
Thank you.
I have 30 days to pay this tax.
The accountant says I get no residence relief for the period I did not live in my own home and as such I have to pay a LOT of tax.
If I had been employed and had to live away and rent my home I would have been exempted from this tax .
I have read that there is something called ‘ deemed occupation’ but the accountant feels it does not apply to carers as it is not an employed job . Is that right? Surely this is unfair.
Also I read online that deemed occupation applies for up to ‘ three years for any reason’, so I am confused why the accountant feels I Don’t get this relief .
Has anybody else had a similar issue or maybe is an accountant who might comment ?
Thank you.