Hello,
Just trying to get some advice regarding CGT on a property I am considering selling.
I bought a property 10 years ago, and took 8 months to renovate it (it was not habitable e.g. no kitchen at the time of purchase) while I was renting elsewhere, with the intention of then moving in and it being my residence.
However at that point my situation changed, and I ended up working elsewhere in the British Isles, and so let out the property, and it is still currently let to the same original tenant. All of the time during my absence I rented for my own accommodation from other private landlords.
I have now moved back to the area, and am again renting just down the road from my own house, as I didn't want to kick out a long standing tenant at that point.
That house is not suitable for my needs now, and I would like to sell it, and buy a new property in the area to become my permanent residence.
Therefore, the house is my only property- it is not a second property although it has been let out. It has however not been my permanent residence at all.
In the 10 years it has gone up in value, but if I sell it and have to pay CGT I then think I won't be able to afford a similar property in the same area.
Any advice or thoughts regarding this will be much appreciated- is CGT still applicable in this situation, or possible ways forward to reduce a tax bill which will prevent me from buying an alternative property!
Thanks.
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