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Where Taxpayers and Advisers Meet

CGT advice

garylove
Posts:2
Joined:Wed Apr 21, 2021 1:07 pm
CGT advice

Postby garylove » Wed Apr 21, 2021 1:27 pm

Background
I was in the process of selling and buying a property however; the buyer of my property pulled out of the purchase and so as to not let the property I was purchasing falling through, I with my Brother continued with the purchase and it was completed the beginning of January and we moved in the End of February. (I had to pay Second home Stamp Duty)

My property has subsequently been sold subject contract

My Question is - When this all goes through (hopefully next month) are we liable to CGT?

This property has been our sole residence for the past 24 years.

Many Thanks Gary

someone
Posts:692
Joined:Mon Feb 13, 2017 10:09 am

Re: CGT advice

Postby someone » Thu Apr 22, 2021 7:29 am

If it was less than 9 months from when you moved out to when you sold (and you always lived there) then it's 100% covered by PPR and you don't even have to include it on your tax return (if you do one)

I don't know about the new residental 30 day CGT forms - whether you have to do a zero return. Hopefully somebody else will comment.

Jholm
Posts:360
Joined:Mon Mar 11, 2019 4:22 pm

Re: CGT advice

Postby Jholm » Thu Apr 22, 2021 10:10 am

Re: 30 day return....

These are only required in instances where CGT is due (and arising from residential property), so provided the full gain is covered by PPR, a 30 day return is not required.

garylove
Posts:2
Joined:Wed Apr 21, 2021 1:07 pm

Re: CGT advice

Postby garylove » Thu Apr 22, 2021 11:04 am

Many Thanks for your reply's thay have been very helpful.

Gary


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