Capital gains tax on 2nd / 3rd property

[IDB]

Hi all,

I have 3 properties and have lived in them all.

1. Purchased December 1997, lived here from purchase to Sept 2000. (Still own and rent out)

2. Purchased second property Sept 2000, lived here from purchase until I moved out July 2002.
(Still own and rent out).

3. Purchased 3rd property July 2002....moved in on purchase, still live here.

I propose to sell property 2 for £190k, after purchasing for £79k and spending £20k developing it (un-receipted).

What are the implications for capital gains?
Also could I sell property 3 in the same year?
What would be the implications for capital gains?
For property 3 I paid £149 and would hope to sell for approx £190.

Look forward to replies.
Thanks

[John S]

Based on the information provided you should be able to sell properties 2 and 3 in September 2004 CGT free provided that you made the necessary PPR elections. Did you make an election by Sept 2002 that property 2 was to be your PPR, and an election by July 2004 that property 3 was to be your PPR. If so, you'll be OK to sell. If not, talk to Carl Bayley or Arthur Weller who are very reputable and know revenue practice in this area inside out