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Where Taxpayers and Advisers Meet

CGT and PPR

BM2019
Posts:1
Joined:Tue Mar 05, 2019 11:25 am
CGT and PPR

Postby BM2019 » Tue Mar 05, 2019 11:30 am

Hello all
We are considering purchasing a flat and the only ones we can afford will need some work on them. We have been in the UK for 18 years but due to some family commitments in Australia may need to relocate within the next 2 years. I’m hesitant to go ahead and buy something in the UK if I’m then going to be hit with CGT if we have to relocate after 12 months. I’m also keen to get life settled in London in case we don’t have to relocate. Can someone tell me if there is a timeframe that you have to have lived in your PPR to show this and not be hit up for CGT.
Thanks In advance

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: CGT and PPR

Postby maths » Tue Mar 05, 2019 5:32 pm

There are no rules setting out minimum periods of occupation to avoid a CGT charge on a future disposal.

In practical terms if you purchase and you/family move in and it's your only property, any gain on a future sale will be free of CGT.


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