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Where Taxpayers and Advisers Meet
moving in with partner and selling my property
I have a mortgage of £50k on a flat which is now worth about £120k. My partner owns a property and I moved in with him 2 months ago leaving mine vacant. I have now found a tenant and will be renting it out for 6 months after which time I plan on selling it. I want to put the proceeds from the sale in a high interest bank account until such time that my partner sells his property and we put all of our money into a house. Am I liable to pay CGT on the proceeds of my sale? Thanks
The answer is no. the reason being that the last three years of ownership of your principal private residence are always exempt from CGT. Any gain that accrued during the period you lived in the flat is exempt anyway.
I hope this helps.
Demetris Savva BA FCCA
http://www.tax-accounting-london.info
FREE tax and business advice newsletters and FREE Special Report sent automatically to newsletter subscribers.
I hope this helps.
Demetris Savva BA FCCA
http://www.tax-accounting-london.info
FREE tax and business advice newsletters and FREE Special Report sent automatically to newsletter subscribers.
