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Where Taxpayers and Advisers Meet

primsry home

premium
Posts:1
Joined:Thu Mar 30, 2017 5:58 pm
primsry home

Postby premium » Thu Mar 30, 2017 6:04 pm

I am unmarried and have lived with my parents up to the present time. Several years ago my grandparents left me a property which I have never lived in but have let out.
I am now contemplating moving into my previously rented property as my future permanent home.

As the property has increased in value significantly since I inherited it there is probably a capital gains issue.
As I plan to reside in the property for the foreseeable future will the passage of time eventually cancel out the CGT liability, and is there any action I can take to ensure that my property eventually enjoys the unencumbered status of my primary home

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: primsry home

Postby maths » Fri Mar 31, 2017 1:23 pm

The longer you reside in the property the smaller will be your eventual CGT charge on a future disposal which may in fact ultimately be nil.

You have to live in the property; DVLA stuff registered there; electoral role etc etc.


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