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Where Taxpayers and Advisers Meet

Residence relief

Goldenflower
Posts:1
Joined:Mon Jul 25, 2022 5:42 pm
Residence relief

Postby Goldenflower » Mon Jul 25, 2022 5:53 pm

Hi, I need some advice.

I lived in my flat from 2008 to 2015 as my main residence. I purchased it in 2013 and moved out in 2015. It has been rented out on and off since then.

I'm trying to work out how much CGT I'd have to pay. Would I be entitled to some kind of relief?

I am also disabled. I read somewhere this would also entitle me to some tax relief too?

Thank you

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: Residence relief

Postby AGoodman » Tue Jul 26, 2022 10:03 am

You'll get a buit of principal private residence relief which reduces your capital gain on a sale/gift. This would be a proportion of your gain equivalent to:

(time occupied + 9 months)/(time owned)

You can't claim relief for the period before you owned the property.

If you are disabled and do not own another property (or share of a property) when you sell the flat, then you can substitute 36 months for the 9 months mentioned above.


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