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Where Taxpayers and Advisers Meet

Which of my properties liable for CGT?

NadJ
Posts:3
Joined:Mon May 01, 2017 6:06 pm
Which of my properties liable for CGT?

Postby NadJ » Mon May 01, 2017 6:32 pm

Hello folks,

Situation in 2016: Owned 1 residential property (13E) with residential mortgage (primary place of residence)

Situation now: Remortgaged above property on a buy-to-let basis freeing up funds for purchase of bigger home (38G) with a residential mortgage. Initially had intentions to put 13E on rent and move into 38G. Since then have seen houses adjacent and opposite being turned to HMO dwellings and well, the are go down hill with air pollution. Property sat empty for a year whilst we deliberate! Have now decided 38E perhaps wasn't the right home (actually, we didn't have a choice considering the runaway market price at the time).

My question is: Which is the property I have no CGT obligations for upon sale? In the past I've heard that if I've lived at any property for more than 2 years, there is no CGT to pay. Heck property price has gone up £100k in a year, it may pay to actually "live" in it for that time to avoid the huge bill in the future.

"Live" - Not put it on rent and pay all bills.

Thanks

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Which of my properties liable for CGT?

Postby pawncob » Tue May 02, 2017 5:51 pm

If 13E has been your PPR throughout, then it's exempt from CGT.
With a pinch of salt take what I say, but don't exceed your RDA


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