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Where Taxpayers and Advisers Meet

CGT on only property

mark.stapleton@facti
Posts:1
Joined:Wed Aug 06, 2008 3:04 pm

Postby mark.stapleton@facti » Fri Aug 08, 2003 6:56 am

I bought a house in 1999. The purchase price of the house was £92k. I lived in the property from purchase ( for 3yrs, 8mths) until a few weeks ago, when I let it out for a 6 month period, whilst I rent a room elsewhere. The property is now worth approx 200k. Can I sell the property at the end of this 6 month tenancy without being liable for CGT?

accountant@uktaxshop
Posts:550
Joined:Wed Aug 06, 2008 3:04 pm

Postby accountant@uktaxshop » Fri Aug 08, 2003 7:04 am

Mark,

As you have been living in the property, you can claim full relief for the final 3 years of ownership, even if you do not live there.

6 months will pose no problems.

You will of course need to fill in a tax return for the rental income. if you need any help with this, I would be pleased to help.

Regards

James Smith
Chartered Accountant
www.uktaxshop.co.uk
01284 764436


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