This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

re potential cgt

flinchester
Posts:1
Joined:Wed Mar 17, 2021 12:44 pm
re potential cgt

Postby flinchester » Wed Mar 17, 2021 12:53 pm

hello,
i wanted to ask a question regarding cgt on property
i purchased a property in nov 2013 inorder to move to this whilst seling my ppr.
the sale of my ppr took alot longer than anticipated and was eventualy sold in aug2016 where i then moved across to the second property .
the second property was let out to cover costs and the rental income was declared on sa.
i have been living in the second property ( which has remained my only property since aug2016)
i am considering selling in the next couple of months.
will i have to pay any cgt on sale considering that i was trying to sell my first property in order to move and if so do i get any reliefs apart from the usual expenses of buying and selling.
i am aware that it was an extended period of time.


many thanks

pawncob
Posts:4701
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: re potential cgt

Postby pawncob » Thu Mar 18, 2021 12:45 pm

HMRC allow an overlap period of two years, but this is open to negotiation depending upon circumstances.
The gain will be from date and cost of acquisition, with time apportioned relief for period when it was your PPR.
With a pinch of salt take what I say, but don't exceed your RDA


Return to “Property Taxation”