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Where Taxpayers and Advisers Meet

2 houses - selling 1st

markp
Posts: 1
Joined: Wed Aug 06, 2008 3:08 pm

Postby markp » Sun Jan 25, 2004 6:03 pm

bought house 1 in 1999 in joint names with partner, we both lived there for 4 years.Have just bought 2nd house in joint names and have moved in. The first house is currently unoccupied, if we sell it will we be liable for any tax?

accountant@uktaxshop
Posts: 550
Joined: Wed Aug 06, 2008 3:04 pm

Postby accountant@uktaxshop » Mon Jan 26, 2004 2:38 am

Mark,

No tax - you effectively have up to 3 years from the date of moving in to your new property to sell the old one with no CGT arising.

ie you can let it out and not pay CGT.....

If you want to do some planning in this area please let me know, this is something i specialise in.

Regards,

James Smith
Chartered Accountant
www.uktaxshop.co.uk
01284 764436


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