Selling a 2nd property

[Suec]

I own 2 properties with my husband. If I move into the 2nd property, how long would I need to live there before I could sell it & reduce the CGT payable?

[jpcentral]

Strictly, all you need to do is notify the Inland Revenue that your second property is your main residence and you then qualify for relief from any gain made in the last 36 months of ownership.

If you immediately sell the property the Revenue could ask for evidence of actual occupancy (or, more correctly, intention to occupy)and challenge the relief on the grounds that you were simply evading tax rather than actually moving into the property.

If you own the property jointly, and only one of you occupies the property, only the occupiers share of the gain will qualify for the relief.

John Perry
Central Business Services
Loughborough
(01509) 416549

The above is not definitive tax advice and we cannot accept liability for any losses incurred as a result of acting on the information. You should take appropriate advice before taking any action to mitigate tax.