Thanks in advance for any comments
I need to understand the rules on this please. I’m selling my main and only home to live with a sick relative as full time carer. I want to buy my next home in Cornwall and move into it full time when I am no longer needed here depending on how the illnesses progress.
In the meantime I’d like to rent it out on holiday lets ( not short term tenancies) so I have secured my future home so I don’t need to go through all the stress of a house move when I’m getting through the grieving time and settling up estate etc and have a small income in the meantime to supplement my carers allowance which is currently my only income. Also during voids it could provide a holiday for my partners elderly parents .
I had been renting my previous home out to make ends meet . I had lived in it prior to renting and am aware of the effect on private residence relief for cgt , but I’m not familiar with how I’d be taxed going forward with holiday letting of my new home both as income and more importantly for me cgt on disposal should I decide to sell it much further down the line having moved into it for several years hopefully.
I hope I’ve been clear .
Cheers
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