3 year CGT exemption on two homes

[tacsurfer]

I have two homes - one I live in at weekends (London) and another I use when I am in my PAYE employment (Cumbria). Is it true I can obtain relief for the last 3 years of gains on each property? I did not make an election as to which would be my private residence within two years of buying the second (Cumbria) house. How do I calculate and claim such a relief?

[James Smith]

“Tacsrufer”

It is true that you can claim 100% relief for the final three years of gains in a property, but ONLY if it has been your main residence at some point during your period of occupation.

IN the absence of an election the facts of the case will determine which property is your main residence but you may still be able to make an appropriate election.

If you would like to go through this in more detail then please let me know, there are a few things that you may be able to do to reduce the CGT on sale.

Regards,

James Smith
Chartered Accountant
www.jamesesmith.co.uk
01284 764436