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Capital Gains Tax
geberit
Posts: 1 Newbie
in Cutting tax
I have a flat that I have renovated and am trying to sell. It is likely that I will net in excess of my CGT allowance and will be liable for CGT on the excess. Can I 'flip' my residence as per the MP's in the week I sell the property and claim that the flat is my residence for the purposes of CGT, then flip back to my current residence. This would also use the 'time to sell' rules. I cannot condone the situation but what does the Revenue Rules say.
If this is not applicable then I have a shares/bond investment which is currently showing a loss and balance the loss against the profit on my flat
If this is not applicable then I have a shares/bond investment which is currently showing a loss and balance the loss against the profit on my flat
0
Comments
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The rules for MP's expenses and for CGT are different. You have to actually live in a property to be exempt from CGT on its sale.£705,000 raised by client groups in the past 18 mths :beer:0
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