Page 12 - Town & Around - May 2024

12 Town & Around May 2024 Tel: 01485 540620 email: editor@townandaround.net
home and then let is by no means unusual and will require some fairly If you require any advice regarding the tax implications of the sale
complex calculations. Information may need to be retrieved from of a residential property and need assistance with the preparation and
storage or from third parties and in some cases independent valuations submission of the attendant 60-Day Return please contact either of the
might be required, all within 60 days of completion. Where such partners Kate Gigg FCA or Nicola Tarry FCA at Kathryn Gigg
complexities exist, it is highly recommended that you take advice at Chartered Accountants, Hunstanton on 01485 534800 or
an early stage, ideally as soon as, or even before, the property goes kate@kathryngigg.co,uk.
onto the market. It should then be possible to arrive at an estimated N.B. Article written in April 2024
tax liability based on the asking price. It is usually best for us to start © Kathryn Gigg Chartered Accountants 2024
finalising the computations as soon as a sale is agreed, in order that Caution: The information listed above is for general guidance only.
everything can be completed within what can be a fairly demanding You should neither act, nor refrain from action, on the basis of any
timescale. such information. You should take appropriate professional advice
It remains to be seen whether or to what extent the current measures on your particular circumstances because the application of laws and
will succeed in changing the face of the letting market. It is entirely regulations will vary depending on particular circumstances and
possible that a shrinkage of the sector will simply push residential rents because laws and regulations undergo frequent change. Whilst we
to even higher levels, but that might then lead to stronger regulation endeavour to ensure that the information contained herein is correct,
and rent controls. For those who decide to bank their profits and invest neither we nor our firm shall be liable in damages (including, without
elsewhere, there will probably be a tax cost, but timely advice should limitation, damages for loss of business or loss of profits) arising in
enable that cost to be quantified at an early stage and should help to contract, tort or otherwise from any information contained in it, or
avoid the unforeseen penalties that we are seeing a number of people from any action or decision taken as a result of using any such
suffer from. information.
Lynn Air Cadets Welcome New Padre

n Monday 18th March, 42F (Kings
Lynn) Squadron RAF Air Cadets
Owelcomed their new Padre, Reverend
Kyla Sorensen, to the Squadron. The Air
Training Corps Norfolk and Suffolk Wing
Chaplain, Reverend Ron Tuck, travelled from
the far side of the county to officiate at the
induction of Rev Kyla into the Air Training
Corps and as Padre to the Lynn squadron.
Following the short ceremony the units
Commanding Officer, Flight Lieutenant
Pauline Petch presented Rev Sorensen with
her badge of office.
Kyla, a Team Rector of Saint Faiths Church
Gaywood, had already made friends with the
cadets during a number of previous visits to
the squadron and said that she was “already
very much enjoying her involvement”.
Now formally a member of the squadron
and its Civilian Welfare Committee she will
have responsibility for the pastoral care of Civilian Committee chairman, Mike Lister
42F’s members. So, following her induction, said “We have been without a Squadron Padre
the Squadron’s new padre undertook her first for some time now since Rev Andrew Davey
official duty, by enrolling the latest four had to stand down following a serious
young people who had completed their initial accident. We are all so pleased that Reverend
training and now themselves officially Sorensen has agreed to add yet another
became members of the Air Training Corps responsibility to her busy diary.”
and the Lynn Squadron. Photos: MOD reproduced with permission