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CGT on Main Residence
ian999_2
Posts: 6 Forumite
in Cutting tax
Hi,
Wondering if someone can give me some advice. I have been living with my brother (in his house) for the past 3.5 years. I bought my own place 2 months ago (it was a resposessed property, so i got it for below market value of £130k). Now living in the property for 2 months, I do not like it. I want to sell up and move back in with my brother.My questions is, as i will be selling my property for £160k approx. and i have only lived in my house for 2 months would I need to pay any capital gains tax. This property was bought through my personal mortgage, and was to be my main residental house.
I would apprciate any advice
Thanks
Wondering if someone can give me some advice. I have been living with my brother (in his house) for the past 3.5 years. I bought my own place 2 months ago (it was a resposessed property, so i got it for below market value of £130k). Now living in the property for 2 months, I do not like it. I want to sell up and move back in with my brother.My questions is, as i will be selling my property for £160k approx. and i have only lived in my house for 2 months would I need to pay any capital gains tax. This property was bought through my personal mortgage, and was to be my main residental house.
I would apprciate any advice
Thanks
0
Comments
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If you have lived in it, for however short a time, as your principal private residence, there should be no CGT liability. The IR could suspect you bought to gain as you have only been there a short time, but having utilities in your name etc should pacify them -as long as you don't keep doing it.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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