Cgt on a holiday home

scottaskew@supanet.c · Postby **scottaskew@supanet.c** » Wed Aug 06, 2003 4:01 am

I bought a house 3 years ago which i lived in for 6 months and then moved into rented accomodation with my partner. we have let the house out as a holiday home for the last 2.5 years and am now selling it as we had lost money on it. I paid 130k for it and after a lot of improvement it has now been valued at 260k. will I be liable for CGT and if so how much?

Nigel Lord · Postby **Nigel Lord** » Wed Aug 06, 2003 5:13 am

Scott

You will be entitled to 100% Principal Private Residence (PPR) Relief for the period during which you were resident, and for the last 36 months of ownership.

Therefore no taxable gain will arise.

If you require any further assistance please do not hesitate to contact us.

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

Ian McTernan CTA · Postby **Ian McTernan CTA** » Thu Aug 07, 2003 7:42 am

You still need to enter it on your Tax Return, though- I assume you have been declaring the income in the meantime?

Ian McTernan CTA
McTernan Associates
Chartered Tax Advisers
ian@imcternan.com