selling after a year and half and having another property

[musterion]

Hi all,
I bought a 2 bed-flat in southwest london in August 2006, it is jointly owned by my wife and myself. It was our main residence until we bought (jointly) a 3-bed house in the same area and moved there in September 2007.
We're selling the flat now and i wanted to know if we have to pay any CGT on it?

best regards and thanks in advance
Michael

[al_eebee]

On the bare facts quoted there should be no CGT as the period from Sept 2007 to sale (assuming this will be reasonably soon, and at least by Sept 2010) will be covered by the extension to the exempt period for a property that has previously been your main residence to cover the final 3 years

[Peter D]

Yep, read IR283 on the HMRC web site. No CGT Liability. Regards Peter

[musterion]

Thank you so much guys.

Yes Al_eebee, am selling now, like this month.so 18 months after purchasing the flat (which is my first property ever).I was just confused if I had to complete 3 years in it or i still have another 18 months to sell with no CGT.

regards