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Where Taxpayers and Advisers Meet

CGT on second HOME

JHL900
Posts:1
Joined:Thu Oct 14, 2021 11:27 pm
CGT on second HOME

Postby JHL900 » Thu Oct 14, 2021 11:43 pm

I currently own a studio flat in London, where I work. I work shifts - 4 days on, 4 days off.

I'd love to buy a house (2nd home) outside of London in preparation for settingly down, the sooner the better as I believe living in a studio long-term can be unhealthy.
But until I (hopefully) have kids one day, I'd like to live between the two homes dependant on my 4 days on/off.

But looking at HMRC it seems that even if I am not letting out a property, if I own more than one property, I will be liable for CGT. Is this correct?

Would there be any way around it as a single person.

pawncob
Posts:4877
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: CGT on second HOME

Postby pawncob » Fri Oct 15, 2021 12:44 pm

You can only get PPR relief on one property, which you can nominate to HMRC.
Yes you'll pay CGT on the sale of the other property.
With a pinch of salt take what I say, but don't exceed your RDA


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