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Capital Gains and renting my place out???
vivvov
Posts: 119 Forumite
Hello All
Looking for some help and advise...(new to posting..thought I'd posted a message but can't see it anywhere..hopefully second time lucky..here goes):
I have a flat in London, living in it since 2005 and it's my only property at present.
I've now got on a 2 year Uni course outside London so will have to rent my London flat for 2 years..then I'm thinking I might sell this flat pretty soon after I finish the course.
Will renting it out for 2 years have any affect on Capital Gains Tax if I sell up soon..or at any point..after?
Also to complicate matters, I am thinking of buying a place with my brother in the town I'll be going to University at (he lives at home with my folks at the moment and they're driving each other up the wall..plus sharing with him means I won't have to rent a place)...so I guess at this point I'd have a joint owned property /second home.
How would having the joint owned/second home place affect Capital Gains Tax on the London flat and /or the second joint owned place???
Any help and advice would be much appreciated.
Thanks
Neill
Looking for some help and advise...(new to posting..thought I'd posted a message but can't see it anywhere..hopefully second time lucky..here goes):
I have a flat in London, living in it since 2005 and it's my only property at present.
I've now got on a 2 year Uni course outside London so will have to rent my London flat for 2 years..then I'm thinking I might sell this flat pretty soon after I finish the course.
Will renting it out for 2 years have any affect on Capital Gains Tax if I sell up soon..or at any point..after?
Also to complicate matters, I am thinking of buying a place with my brother in the town I'll be going to University at (he lives at home with my folks at the moment and they're driving each other up the wall..plus sharing with him means I won't have to rent a place)...so I guess at this point I'd have a joint owned property /second home.
How would having the joint owned/second home place affect Capital Gains Tax on the London flat and /or the second joint owned place???
Any help and advice would be much appreciated.
Thanks
Neill
0
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