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Where Taxpayers and Advisers Meet
CGT / primary residence / x-rental
I have owned a flat in Scotland for 6 years, in which I lived for the first two years. I then moved to London for one year and then New Zealand for the last three, living in rented accomodation, whilst letting my own property out. I would now like to sell the property and wondered how I might avoid CGT, perhaps by moving back in temporarily, although that is not ideal.
It seems quite complicated.You may have to move in the property for three months to establish main residence and thus get the exemption from CGT. Assuming of course that the period away was for employment abroad or employment/self employment in the UK for up to 4 years, the gain will not be taxable for those absence periods.
But the exemption may be jeopardised if you during those periods of absence you had other proerties which qualified to be your principal private residences. I suggest you take proper professional advice before you make any decisions.
D. Savva BA FCCA
Demetris Savva BA FCCA
http://www.tax-accounting-london.info
Visit our website to subscribe to our FREE weekly newsletters on tax savings and business advice and you will automatically be sent your FREE Special Report on How to Sav Tax, written in plain language, full of down to earth advice and loaded with practical examples.
But the exemption may be jeopardised if you during those periods of absence you had other proerties which qualified to be your principal private residences. I suggest you take proper professional advice before you make any decisions.
D. Savva BA FCCA
Demetris Savva BA FCCA
http://www.tax-accounting-london.info
Visit our website to subscribe to our FREE weekly newsletters on tax savings and business advice and you will automatically be sent your FREE Special Report on How to Sav Tax, written in plain language, full of down to earth advice and loaded with practical examples.
