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Where Taxpayers and Advisers Meet
Stop-gap renting property, if sell in future am I liable for CGT?
My fiancee and I have just completed buying a flat together. However, I have yet to sell my flat, as the market has been so quiet. As a stop-gap, I have re-mortgaged to a buy-to-let interest only mortgage and we have found some tenants to rent the property. If I sell in, say, a year's time, will I be liable to CGT on the sale? I have been owner occupier for 4 years.
-
Nigel Lord
- Posts:518
- Joined:Wed Aug 06, 2008 2:18 pm
David
I assume that you are letting your old proerty.
As you lived there, you will be entitled to 100%Principal Private Residence (PPR) Relief for the period of residence, and the last 36 months of ownership, so no CGT will arise if you sell within that time period.
Even if the sale is deferred you will also be entitled to Residential Lettings Relief (up to £40,000), Taper Relief and unused Annual Exemption. It should therefore be some time before a taxable net gain arises.
If you require any further assistance please do not hesitate to contact us, and we will be happy to act on your behalf.
Nigel Lord
Lord Associates
Taxation & Business Consultants
Caxton House
Old Station Road
Loughton
Essex, IG10 4PE
020 8418 9101 & 07769 931852
mail@lordassociates.co.uk
I assume that you are letting your old proerty.
As you lived there, you will be entitled to 100%Principal Private Residence (PPR) Relief for the period of residence, and the last 36 months of ownership, so no CGT will arise if you sell within that time period.
Even if the sale is deferred you will also be entitled to Residential Lettings Relief (up to £40,000), Taper Relief and unused Annual Exemption. It should therefore be some time before a taxable net gain arises.
If you require any further assistance please do not hesitate to contact us, and we will be happy to act on your behalf.
Nigel Lord
Lord Associates
Taxation & Business Consultants
Caxton House
Old Station Road
Loughton
Essex, IG10 4PE
020 8418 9101 & 07769 931852
mail@lordassociates.co.uk
